Public Hearing Notice: Knights of Columbus Project – June 12 at 10:30 AM
ATLANTIC CITY, NJ (May 23, 2024) – The Casino Reinvestment Development Authority (“CRDA”) will hold a public hearing pursuant to N.J.S.A. 5:12-173 at the following time and place to discuss the project described below:
Date: Wednesday, June 12, 2024
Time: 10:30 a.m.
Location: Casino Reinvestment Development Authority
15 South Pennsylvania Avenue, Atlantic City, New Jersey 08401
Description of Project: Pursuant to Resolution 24-40, adopted April 16, 2024, the Casino Reinvestment Development Authority granted a Preliminary Determination of Project Eligibility (PDPE) for the Knights of Columbus Project.
By application dated February 27, 2024, the Authority received a request for financial assistance from 1400 Pacific Avenue, LLC (the “Applicant”) for $2 million in the form of a loan in furtherance of the Knights of Columbus project (“Project”). The $2 million loan would go towards the purchase price of the 1408 Pacific Avenue property (block 53, lot 1) and would be secured by a mortgage lien.
The total budget for the anticipated project is $25.7 million. The budget includes the purchase and adaptive re-use of the Knights of Columbus Hotel to convert to 40 residential workforce housing units with a ground floor commercial space for possible offices or urgent care location. The current state of the building is in complete disrepair and has been mostly gutted inside.
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