LISTEN > Developers of a new Stockton Boardwalk campus are ready for shovels in ground that once occupied Atlantic City High School. Indeed, this Chelsea neighborhood of Atlantic City is ready for a reboot & revival. A non-profit lead by Chris Paladino of ACDevco, is going to kick-start it this spring. By Fall of 2018, 1,500 students will utilize this beachfront facility.
LISTEN to Paladino address the SJ Chamber of Commerce on APRIL 19, 2016
Atlantic City Development Corp will oversee the building of the new Stockton Boardwalk campus, along with adjacent South Jersey Gas HQ.
The Jingoli Development firm is partnering in this out-of-the-box project/campus on the Boardwalk. Also involved is Real-Estate developer Jon Hanson, who sees benefit in the ‘Devco’ model where complex projects have better chance of being developed.
Academic buildings, student housing and a spiffy new parking garage will provide another step in the diversification of both Atlantic City, and Atlantic County.
Who’s gonna pay for all of this? The Stockton Atlantic City campus on Albany Avenue is a public-private partnership.
Stockton will pony up $18 million. The CRDA will contribute $17 million from monies derived from the Atlantic City casinos, currently taxed at 9.25 percent — 8 percent of gross revenues and a 1.25 percent “investment alternative tax.” The remainder of funding will come from $70 million of tax-exempt debt approved by the New Jersey Economic Development Authority and $28 million in tax-credit debt. The Atlantic County Improvement Authority (ACIA) could bond a portion of the overall debt as well.
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