Elaine Zamansky, 609-343-5974, email@example.com
CRDA Board Acts to Strengthen Atlantic City’s Landmarks
(Atlantic City, NJ, July 16, 2014) – The Board of the Casino Reinvestment Development Authority (CRDA) yesterday acted on several measures to ensure continued operation of some of Atlantic City’s landmarks. According to CRDA Board Chairman James Kehoe these are, “part of the city’s history, and an important part of the non-gaming attractions that play a large role in our tourism industry.”
The Board authorized a $100,000 grant over a three-year period to assist with operational costs of historic Absecon Lighthouse. “It is important that this Atlantic City tourism amenity and registered historic site continue to operate on a year round basis,” said John Palmieri, CRDA executive director said.
Likewise, the Board authorized $58,000 to repair the Historic Brighton Park Fountain’s water and electrical systems, which were damaged last winter due severe winter weather. A portion of the funds will be repaid when the City of Atlantic City receives reimbursement from insurance claims. The historic “Fountain of Light” was a gift to the city from General Electric Company in 1929, commemorating the 50th anniversary of the invention of the light bulb and the 75th anniversary of Atlantic City’s founding.
Action was also taken on one of Atlantic City’s newer – and most popular — attractions. CRDA agreed to provide Tanger Outlets “The Walk” retail outlet shopping district with a $1.84 million advance, provided as a loan against their guaranteed annual payment to CRDA. The loan will help finance fit-out costs associated with the relocation of Ralph Lauren and Michael Kors to larger retail space within The Walk. The total estimated project cost is up to $6.9 million, of which Tanger will invest up to $4.6 million in equity.
A potential new attraction also received CRDA attention. The Board authorized $50,000 for a feasibility study to open a New Jersey Hall of Fame flagship museum at Boardwalk Hall.
In other action, the Board agreed to a $21,800 Supplemental Fund Reservation for the LEAD Atlantic City Tomorrow (LEAD ACT) for 2015, the program’s third year. Through seminars, guest speakers, case studies and topical readings, participants explore the issues that affect the general well-being of Atlantic City and recognize the need for collaborations and partnerships. The 10-month program is conducted in collaboration with The Richard Stockton College of New Jersey.
According to Palmieri, “The actions taken today by the CRDA Board will strengthen Atlantic City’s non-gaming tourism offerings and lay the groundwork for additional attractions in the future.”
Board actions will take effect following the expiration of the Governor’s statutory review period.
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About the Casino Reinvestment Development Authority (CRDA) www.njcrda.com
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 statewide, 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, group and leisure tourism marketing, attracting and retaining conventions and meetings at the Atlantic CityConvention Center and Boardwalk Hall, and partnership with the Atlantic City Alliance to brand and market Atlantic City. Atlantic City Convention & Visitors Authority division of CRDA is the first destination marketing organization in New Jersey to achieve prestigious Destination Marketing Accreditation by the Destination Marketing Association International.