Atlantic City Council will postpone a vote on issuing $55 million in new debt to pay for pension and healthcare contributions that were deferred in 2015, two councilmen said. The council had planned to vote on the second and final reading of the bond ordinance at the meeting later on Wednesday.
Denver-based developer Bruce Deifik took two more steps toward buying the former Revel casino last month. Deifik registered a new company as a “casino hotel resort” in New Jersey and, through that new company, agreed to a mortgage on the former Revel property with the investment bank JPMorgan Chase.
The Atlantic City site that has housed an airport, a minor league baseball team and played host to numerous Thanksgiving Day rivalry games has been left vacant for years while city and state officials scratched their heads to determine its “highest and best use.” Finally, it has a new use: storage. Atlantic City council last week signed a resolution to allow Steel Pier to park 10 trailers on Bader Field for three months, for 0.18 cents per square foot. It’s a temporary use, but it could be extended under the contract terms.
Bader Field was used as a bargaining chip in the state’s emergency loan to bail out Atlantic City, and the city’s failure to find a buyer for the land was one of the triggers for the state takeover a year ago. The future of the site is still unclear: the lawyers hired by the state to oversee the takeover have had multiple discussions about Bader Field but a buyer remains elusive.
DCO Energy, a company controlled by the Jingoli family, won a six-month contract to report on the feasibility of establishing a “microgrid” to support Atlantic City facilities in the event of a regional electrical grid failure.
At the end of October we sat down with Mark Ganter of Little Water Distillery for a live interview. It was the second episode in our Business Bootcamp series, which showcases the stories of local business owners and provides networking opportunities for entrepreneurs in the South Jersey area. In this recording of the event, you’ll hear Ganter talk about the challenges that Little Water Distillery faced in finding their Atlantic City location, bringing their first products to market and balancing their need to follow their business plan with their interest in supporting community events. Ganter also has a lot of useful tips for others looking to start a business in the area, particularly when it comes to analyzing local loan and grant opportunities. Route 40 is grateful to Jake Perskie of Fox Rothschild for sponsoring the event.