Elaine Zamansky, 609-343-5974, email@example.com
CRDA Board Approves Measures
to Benefit Residents and Enhance the Visitor Experience
(Atlantic City, NJ, May 21, 2014) – The CRDA Board approved several projects during its monthly meeting on Tuesday, May 20, that will add new residential housing units and bring more entertainment to the city this summer, thus enhancing the experience for both residents and visitors alike.
During the meeting, $5 million funding was approved for Procida Realty and Construction Company’s Eastwind II Housing Development Project. Fifty seven semi-detached modular, energy-efficient homes will be constructed on four CRDA-donated lots bounded by Baltic, Mediterranean, New Jersey and Connecticut avenues, priced for affordable housing at $150,000 to $160,000.
The CRDA funding will provide $1.5 million toward infrastructure costs and $3.5 million to make up the difference in the agreed-on reduced per-unit sale price designed to make the purchase more affordable for residents. Ground breaking is expected to take place in June with a completion date 18-34 months later.
CRDA also approved an amendment to its agreements for 89 rental units at Procida’s Connecticut Crescent and Carolina Crescent properties. The action permits Procida and its partner, CIS, it to proceed with construction on land previously deeded to them by the CRDA. Procida did not seek CRDA funding for these units.
“Construction projects such as these are critical to helping add much-needed updated housing stock to our neighborhoods,” said CRDA Executive Director John Palmieri. “These new housing units will hopefully assist residents in realizing the dream of owning a home and will create new tax ratables.”
The developments are part of an ongoing plan to redevelop Atlantic City’s Inlet, as called for in the Tourism District Master Plan. The CRDA has been purchasing lots throughout the area to assemble parcels that offer the opportunity for construction of new homes that meet today’s standards. “A strong housing stock is essential to a strong community, committed workforce and viable economy,” Palmieri noted.
In other action, the Board approved a $151,000 fund reservation for the CRDA Summer Concert Series, consisting of nine concerts on the beach and at KennedyPlaza. Eight of the concerts will be held in August and one will be in September, with well-known artists to be announced. The producer, Carmen Marotta of Tony Mart LLC, anticipates attendance of several hundred people for each concert, with some drawing several thousand.
“This is special funding beyond our typical entertainment grant program,” said Palmieri. “Combined with the Chicken Bone Beach Jazz series, the Atlantic City Free Public Library’s International Nights, movies on the beach and other events supported by CRDA, plus the entertainment sponsored throughout the summer by the Atlantic City Alliance (ACA), our visitors and residents can enjoy free entertainment on the beach and Boardwalk every night of the week this July and August.”
The Board also approved a $100,000 fund reservation to support the ACA’s sponsorship of an international longboard surfing championship to be held for the first time in Atlantic City. The Association of Surfing Professionals, which stages competitions throughout the world, is planning the event for the second half of September; exact dates and details to be announced.
Additionally, the CRDA approved $100,000 to regrade and repave the parking area at Gardner’s Basin, providing a more visitor-friendly surface. Gardner’s Basin houses the Atlantic City Aquarium, several restaurants, fishing charters, sightseeing cruises, parasailing, shops and a crafter’s village. It also hosts several concerts and special events throughout the year, and has become one of the area’s most-visited attractions.
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.