Board Approves $2.25M Fund Reservation for IUOE Local 68 Training Center
ATLANTIC CITY, NJ (March 16, 2021) – At its monthly Board Meeting today, the Casino Reinvestment Development Authority (CRDA) Board of Directors approved a fund reservation of $2.25M for the International Union of Operating Engineers (IUOE) Local 68 Training and Office Facility Project.
The IUOE applied for a $2.25M grant from the Authority representing a portion of the costs for the rehabilitation of a property at 1501 Pacific to create a Training Center that will host over 100 students, faculty, and members. The total estimated cost of the project is approximately $4.5M. The new center will provide residents of Atlantic City opportunities to train in skilled trades that can be used directly in industries within Atlantic City. A public hearing was held for the project on March 8, 2021.
“This facility will provide skilled trade training and offers a framework for anyone to better themselves and create a career path leading to higher wages, a defined skillset, healthcare and better overall quality of life not only in Atlantic City but across the state,” said CRDA Board Chairman Robert Mulcahy.
Funding from the Authority will pay for a portion of the construction costs in rehabilitating the property and will create 60 temporary jobs.
“A project like this is at the core of the CRDA mission of development projects in Atlantic City,” said CRDA Executive Director Matt Doherty. “It will turn a vacant building into a training center and office facility that will directly benefit Atlantic City residents.”
In other business today, the Board approved the Stockton University Island Campus Phase II Project, and authorized a loan to the Atlantic City University Housing Associates LLC in an amount not to exceed $10,275,500. The Stockton University Island Campus Phase II Project includes construction of a new 135,000 sf residential building that will provide housing for nearly 416 students in 107 apartments. A public hearing for this project was held on March 8, 2021.
About the Casino Reinvestment Development Authority
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 since 1984. Under the 2011 Tourism District Act, the Authority’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City. CRDA’s expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com, and follow us on Facebook and Twitter.