The funds are part of the Casino Reinvestment Development Authority's Atlantic City Downtown Development Project
ATLANTIC CITY — The Casino Reinvestment Development Authority’s plan to revitalize downtown Atlantic City got a shot in the arm financially Tuesday, Aug. 16, as the CRDA board allocated about $10 million in funds to begin acquiring properties as part of its Atlantic City Downtown Development Project.
The funds will be used to acquire real estate that CRDA feels is strategically important to the redevelopment of Downtown Atlantic City.
The CRDA, charged with overseeing the Atlantic City Tourism District, has designated an area of the city’s downtown as a Neighborhood Strategy Area.
Within the area, CRDA officials stated in a press release that plans are to leverage existing entities — Boardwalk Hall, Tanger Outlets The Walk, AtlanticCare, Stockton College, Atlantic Cape Community College, the Atlantic City Convention Center and several casino properties — along with small local businesses, to generate investment in mixed-income housing, local retail businesses and new non-gaming attractions
The board previously approved an initial allocation to the Downtown Development Fund of $70,000 for feasibility studies and $356,000 to establish a public arts program and fund a residential and retail market study.
The funds approved Tuesday will be used to acquire strategic, targeted real estate in the zone to spur investment in the area.
“This is an important step forward in bringing new development opportunity to the Atlantic City community,” said Susan Ney Thompson, interim executive director of CRDA.
“The multi-faceted initiatives of the Downtown Plan will bring needed help to the area and support the new Tourism District.”
Other action of the CRDA Board included approval of several grant allocations from the Tourism District and Community Development Funds for free special events that are being held throughout the summer.
"The ideal situation for any city is to create a place were people want to live, work, learn, and enjoy their surroundings. That in return will make the Atlantic City arts and education District a must see destination for visitors and tourists."
The day after New Jersey Governor Chris Christie sent staffers to visit Atlantic City Mayor Langford, the mayor says he doesn't feel much different about the concerns he raised last week and that the ball is in the governor's court now.
Gov. Chris Christie signed legislation today to create an Atlantic City Tourism District and announced a breakthrough in the Revel Casino project.
The bills create a CRDA run tourism district encompassing the city's casinos.
Annette Funicello Dies at 70