- Completion: Ongoing
- Location: Tropicana Atlantic City
- Size: N/A
- Developer: N/A
- Investment: CRDA $17.8 million
At the April 2016 meeting, the CRDA Board approved an amendment to Tropicana Atlantic City’s Boardwalk Enhancement and Property Revitalization Project to fund an additional $8 million of investment alternative taxes (IATs) for new non-gaming amenities. The approval also granted an extension of the substantial completion date to June 30, 2017 and a waiver for the Tropicana to make a donation of IATs in the amount of $7,067,600 to the CRDA.
The additional $8 million in funding will allow the Tropicana to move forward with constructing a new restaurant amenity, enhance and renovate its Pacific Avenue retail space and lobby, and make improvements to its current meeting and conference space. The $7 million of donated IATs will be used by the CRDA in support of Tourism District projects.
The CRDA’s original funding obligation committed $18.8 million towards Tropicana’s creation of new retail space on Pacific Avenue and health club on Brighton Avenue, as well as upgrades/renovations to the Boardwalk facade, as part of Tropicana’s $35 million project to upgrade their hotel and non-gaming amenities.