Camden and Atlantic City Ate the Cake

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Projects in South Jersey got a disproportionate chunk of the money awarded under tax incentive programs that are now under scrutiny by lawmakers and the state comptroller.

The eight South Jersey counties, which account for a little more than a quarter of the state’s population, received almost $2 billion and some of the single biggest incentives from $4.8 billion awarded over the last five years, according to a Route 40 analysis of two New Jersey Economic Development Authority programs.

More about: Atlantic City, Data Journalism, economic incentives, Holtec, New Jersey, Newark, Polercoaster, South Jersey

TJM Agrees To Sell Atlantic Club

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The  owner of the Atlantic Club, one of Atlantic City’s oldest shut casinos, has agreed to sell the property to a businessman with ties to the city.

Property documents filed with the county in January show that TJM, the Florida-based  Atlantic Club owner, reached an agreement to sell the property to Jeffrey Smolinsky and his company, North American Acquisitions.

More about: Atlantic City, Atlantic City, Atlantic Club, frank gilliam, Jeffrey Smolinsky, North American Acquisitions, Our Atlantic City, Stockton University

New Stretch of Boardwalk to get Lights, Ramps

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The new stretch of Atlantic City Boardwalk that opened in the summer will be getting lights and ramps, according to a bid notice this week. Temporary ramp access at the end of the new length of Boardwalk near the Flagship in the Inlet had to be installed after the project opened, without lights or ramps. The boards were added above a new sea wall built by the Army Corps of Engineers as part of a project funded by the federal, state and local governments. The boardwalk was added as part of the sea wall project, but the engineers said the city was responsible for access and lighting. Walters Marine Construction is seeking suppliers and subcontractors for the new project, which will install lights and ramps between Melrose Avenue in the north Inlet and Oriental Avenue in the south Inlet.

More about: Atlantic City, Atlantic City, bid, Boardwalk, construction, lighting, ramps

Is Icahn Getting Ready to Sell the Trump Plaza?

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Billionaire investor Carl Icahn appears to be getting ready to sell his remaining Atlantic City property, the Trump Plaza. An Icahn-backed company, IEP AC Plaza, recently paid $3 million for the deed to the long-shuttered casino, according to property documents filed in December. (You can have a look at the docs here and h/t to Reuben Kremer for his ceaseless monitoring of the property records).

Icahn’s conglomerate Icahn Enterprises took control of the Trump Plaza and Trump Taj Mahal when the previous owner, Trump Entertainment Resorts, entered bankruptcy in 2014. Icahn sold the Taj Mahal to a consortium of local investors and Hard Rock International in 2017. But his attempts to sell the Plaza were stymied by the site’s ground lease, which was held by earlier investors and acted as a so-called poison pill to prevent the sale, according to the New York Post.

More about: Atlantic City, News, Real Estate Report, Atlantic City, Boardwalk, Carl Icahn, demolition, Donald Trump