Contact: David Zuba, Publicist, Media Relations/Communications
CRDA Board Approves Fund Reservation for the Stockton Aviation Research and Technology Park Project
ATLANTIC CITY, NJ – (Friday, March 4, 2016) – The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) at its special meeting on Tuesday approved a fund reservation for the Stockton Aviation Research and Technology Park (SARTP).
The approved $2,674,000 in funding will be utilized for a portion of the construction of the park’s initial 66,000-square-foot building, which will be outfitted for research and development space. The project will be 100% publicly owned and funded, with an estimated total cost of $22,450,000. In addition to the CRDA funding, the Atlantic County Improvement Authority (ACIA) is providing approximately $15.5 million towards the project, with Atlantic County pledging over $6 million in general obligation bond funding.
“This project could be a centerpiece for the park and it will diversify and boost our economy while providing jobs to the people in the county and city,” said CRDA Executive Director John Palmieri. “By leveraging our funding, we are demonstrating what we can do to advance development locally.”
According to SARTP Executive Director Joe Sheairs, construction could begin this summer, followed by an eight to 14-month build out process. Stockton University is taking the lead in developing the park for aviation-related research and programs, with the goal of developing 400,000 square feet of office space on 58 acres of land.
Following the SARTP action, the Board approved four temporary, second quarter (April 1 – June 30) budgets for the CRDA, the Special Improvement District (SID) division, Convention Center division, and Meet AC. The Board also approved a 2016 capital expenditure budget of $41.3 million for the Atlantic City Convention Center and Boardwalk Hall.
Board actions will take effect following the expiration of the Governor’s statutory review period.
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The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents, investing nearly $2 billion in more than 400 projects statewide since 1984. Under the 2011 Tourism District Act, CRDA’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City. CRDA responsibilities expanded to include land use regulation, clean and safe initiatives, tourism marketing, ownership and oversight of the Atlantic City Convention Center and Boardwalk Hall, and partnership with the Atlantic City Alliance to brand and market Atlantic City. The former ACCVA, now a division of CRDA, is the first destination marketing organization in New Jersey to achieve prestigious Destination Marketing Accreditation by the Destination Marketing Association International.
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