{"id":32832,"date":"2016-07-21T16:55:36","date_gmt":"2016-07-21T16:55:36","guid":{"rendered":"http:\/\/acprimetime.wpengine.com\/?p=32832"},"modified":"2016-07-25T15:57:11","modified_gmt":"2016-07-25T15:57:11","slug":"crda-sets-record-straight-atlantic-city-development","status":"publish","type":"post","link":"https:\/\/acprimetime.com\/crda-sets-record-straight-atlantic-city-development\/","title":{"rendered":"CRDA Sets Record Straight About Atlantic City Development"},"content":{"rendered":"

\"CRDA-logo-edit-300x297\"The CRDA;\u00a0Casino Reinvestment Development Authority,<\/em> released the following statement today:<\/p>\n

The opinion letter to the editor below, was prepared in response to several misleading statements made by the city (City of Atlantic City) and press outlets in connection with the lots owned by the CRDA. The chairman and I want the facts to prevail as information regarding property we own is presented to the public. I hope the letter makes clear our role as redeveloper and catalyst for public\/private sector investment in projects and activities city-wide. Thank you. \u00a0John F. Palmieri,\u00a0Executive Director,\u00a0NJ Casino Reinvestment Development Authority.<\/em><\/p>\n

As Atlantic City’s economic recovery continues, dramatic new positive\u00a0developments are book ending both ends of the famed Boardwalk at one end,\u00a0AC Devco’s Stockton University campus and South Jersey Gas headquarters, and in the South Inlet, Boraie Corporation’s market rate housing project, the first such\u00a0residential rental development in a generation.<\/p>\n

The engine behind this revitalization is the Casino Reinvestment Development Authority. The CRDA’s ability to acquire, assemble, remediate and package\u00a0property to leverage private investment continues to produce new local jobs,\u00a0opportunities and revenues for residents.<\/p>\n

However, misinformation published by media outlets about CRDA properties in\u00a0Atlantic City seems to have entered the public domain. Let’s set the record\u00a0straight:\u00a0The CRDA owns 111 total acres in Atlantic City. Only 8.5 of those acres are\u00a0currently suitable for development.<\/p>\n

For more perspective, 70 of the CRDA’s 111 total acres are already developed\u00a0including Tanger Outlets, which pays an in-lieu-of-tax payment to the City.<\/p>\n

Boardwalk\u00a0\u00a0Hall, the Convention Center, the Wave Garage and Lighthouse Park\u00a0make up that balance. Another 32 acres are used as much-needed parking lots or\u00a0are undersized, unbuildable remnants from road widening and other projects that\u00a0provide economic impact for the area.<\/p>\n

Perhaps there are some potential small redevelopment opportunities with the\u00a0Casino Reinvestment Development Authority\u00a0parking lots, and the CRDA Board will consider all options. Of the eight-plus acres\u00a0suitable for development, the CRDA has assembled three of those in the South Inlet\u00a0for a future proposal from a developer.<\/p>\n

Further, the intimation that if the CRDA paid taxes the City would realize a potential\u00a0windfall is simply not supported by the facts. As evidenced by its past portfolio, the\u00a0CRDA is effective in assembling land for private development projects that add\u00a0revenue generating properties to the City’s tax rolls.<\/p>\n

When one reviews the facts objectively, the CRDA’s current land holdings are\u00a0insignificant to the overall fiscal recovery plan for Atlantic City.<\/h3>\n

The\u00a0\u00a0develop-able land that the CRDA is making available for economic development \u00a0projects will only help the\u00a0City realize a more diversified and stable economy in the near term. Also, if one\u00a0considers the facts, beyond its traditional development activities, the CRDA has\u00a0invested over $1 billion in the City, including, supporting projects that are traditionally\u00a0funded through municipal taxes, such as, street and sidewalk cleaning, park\u00a0maintenance, street repaving, road widening, public safety grants and, most recently,\u00a0the addition of\u00a0Class II police officers.<\/p>\n

Lost in some recent reports of a ”fix” for Atlantic City is the record of recent\u00a0progress. <\/strong><\/p><\/blockquote>\n

Atlantic City’s share of\u00a0the lucrative corporate meeting market is growing.\u00a0The CRDA helped finance the new conference centers at Harrah’s and Resorts that are\u00a0generating new business and therefore more visiting consumers.<\/p>\n

Work is underway on the new Stockton University campus and South Jersey Gas\u00a0Industries headquarters in the Chelsea neighborhood and the new Beach at South Inlet\u00a0market rate housing.<\/p>\n

The city is safer and cleaner, with new lighting, new parks and funding for a new\u00a0communications system for the police. The Tourism District’s principle artery,\u00a0Pacific Avenue, has been repaved.<\/p>\n

Of \u00a0course every interested party recognizes that sacrifice will be needed from many sources for Atlantic City’s \u00a0finances to be stabilized. Indeed, the CRDA\u00a0participating in dramatic fashion in the fiscal recovery plan.<\/p>\n

As the new state\u00a0legislation becomes effective, tens of millions in Investment Alternative Tax\u00a0revenue will be diverted from the CRDA to the City every year going forward,\u00a0providing invaluable debt relief for the City.<\/p>\n

If by some magical force the remaining undeveloped land the CRDA owns was\u00a0given to the city and it was auctioned off at its assessed valuable virtual\u00a0uncertainty-the “windfall” to the city would be de-minimus in the face of its\u00a0current crisis.<\/p>\n

It is reasonable to explore many options and possible\u00a0alternatives, but distorting reality or raising false hopes are counterproductive in\u00a0public policy making,<\/p>\n

The record is clear: The best use of CRDA’s public mandate is to acquire,\u00a0assemble, re-mediate and prepare land for development.<\/p>\n

John F. Palmieri<\/p>\n

Robert E. Mulcahy, III<\/p>\n

Since 1984, the\u00a0Casino Reinvestment Development Authority\u00a0has invested over $1.8 billion in over 400 projects across the state.\u00a0 In Atlantic City alone,\u00a0the CRDA\u00a0have invested over $1.5 billion with nearly $750 million since 2011.<\/em><\/p>\n

The only agency of its kind nationwide \u2013 the CRDA\u00a0uses casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents statewide.\u00a0 In doing so, the CRDA has dramatically and positively\u00a0altered Atlantic City\u2019s residential, commercial, cultural, and social landscape, while financially supporting quality-of-life improvement efforts throughout the State of\u00a0New Jersey.<\/em><\/p>\n

The CRDA\u00a0began with a substantial commitment to housing in Atlantic City. \u00a0Over the years,\u00a0the CRDA has\u00a0invested over $350 million in housing and neighborhood development, and built\u00a0more than\u00a01,500 housing units throughout the city.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The CRDA;\u00a0Casino Reinvestment Development Authority, released the following statement today: The opinion letter to the editor below, was prepared in response to several misleading statements made by the city (City of Atlantic City) and press outlets in connection with the lots owned by the CRDA. The chairman and I want the facts to prevail as […]<\/p>\n","protected":false},"author":2,"featured_media":32834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[10],"tags":[],"yoast_head":"\nCRDA Sets Record Straight About Atlantic City Development - 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The chairman and I want the facts to prevail as…","_links":{"self":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32832"}],"collection":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/comments?post=32832"}],"version-history":[{"count":0,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media\/32834"}],"wp:attachment":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media?parent=32832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/categories?post=32832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/tags?post=32832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}