Board Approves Key Measures to Attract, Support and Diversify Economy in Atlantic City
Wednesday, October 17, 2012 • 2:56pm
The Casino Reinvestment Development Authority Board took several actions today, designed to create expanded demand for visitation and investment for Atlantic City and the region. The first action was approval of a Preliminary Determination of Project Eligibility for the proposed Harrah's Regional Conference/Meeting Facility Project. The proposed two-story, 243,457 square foot meeting space facility would be built adjacent to Harrah's Resort in the Marina District. The facility is designed to provide just under 50,000 square feet of meeting space on each level. The proposed cost for the project is just under $134 million. "
The Harrah's team has put forth an innovative and well-thought out project proposal," said CRDA Executive Director John Palmieri. "Their data asserts that this project has the potential to be able to grow the meeting business market for Atlantic City from September through March mid-week and put Atlantic City on the map for corporate meetings. It's an exciting proposition as it clearly helps to execute one of the Governor's key initiatives in bringing additional meetings and conventions to Atlantic City. Our role now is to study the data and insure that the project grows the visitation and revenues and does not cannibalize what is already available."
Other actions by the CRDA board today included a Preliminary Determination of Project Eligibility for development of a Business Information Support Center. This preliminary approval by the Board allows for CRDA to formally partner with the Greater Atlantic City Chamber of Commerce to position Atlantic City as business friendly through development of a website designed to encourage investment and growth opportunities within the Tourism District.
The Board also took action to approve the 2013 CRDA Operating Budget, as well as the 2013 SID Operation Budget. Additionally, the Board voted to amend a grant agreement with the Aviation Research and Technology Park. Board actions will take effect following the expiration of the Governor's statutory review period.
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. Under the 2011Tourism District legislation, CRDA responsibilities have expanded to include Land Use Regulation, Clean and Safe initiatives and partnership with the Atlantic City Alliance to market and attract visitors to Atlantic City.