February 11, 2020

Factbox: Tax Credit Awards in Atlantic City

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The New Jersey Economic Development Authority handed out more than $200 million in tax credits to Atlantic City developers and businesses over three years. Almost half that money went to fund a new academic building and student housing for Stockton University and the new parking garage and headquarters for South Jersey Industries.

A state probe of the tax credits last year found fault with how the credits were awarded and how the EDA monitored the projects that received the credits.

Some of the projects that were approved for credits in Atlantic City were never completed, such as the PolerCoaster and DeWalt Brewing’s plan to open a brewery in the city. The EDA has revised down the tax-credit allowance for only one project: the Atlantic City Contact Center.

The full list of projects is on the NJEDA site here (for Grow NJ credits) and here (for Economic Redevelopment and Growth projects). Here is a list of all the Atlantic City projects:

Project Applicant NameProject DetailsType of ProjectAward AmountTerm (Years)New JobsEstimated Construction JobsDate Approved
Island Campus Redevelopment Associates LLCStudent dormitory and academic building for Stockton UniversityEconomic Redevelopment And Growth - Residential Projects$38,423,0081005751/12/2016
ACB Ownership, LLCThe PolerCoaster (not completed)Economic Redevelopment And Growth - Commercial Project$38,400,000201504004/13/2017
Island Campus Redevelopment
Associates LLC
Parking garage for South Jersey Industries next to new Stockton University siteEconomic Redevelopment And Growth - Residential Projects$29,925,3601002001/12/2016
South Inlet Partners Urban Renewal
LLC
Boraie Developments' 250 units of new housing in the South InletEconomic Redevelopment And Growth - Residential Projects$24,433,56010102001/12/2016
Carver Hall Urban Renewal, LPRehabilitation of 252-family units at Carver Hall Apartments on North South Carolina and North Tennessee AvenuesEconomic Redevelopment And Growth - Residential Projects$13,524,10510127610/15/2015
ACTH Partners, LPRehabilitation of 175-unit senior housing at Atlantic City Townhomes, 1330 Mediterranean AveEconomic Redevelopment And Growth - Residential Projects$6,591,0861053011/10/2014
Tropicana Atlantic City CorporationRevitalization of Tropicana's boardwalk fa├žade, development of the casino's retail space on the boardwalk and between
Morris and Pacific Avenue, and construction of a new fitness facility. (The AtlantiCare fitness facility has since closed).
Economic Redevelopment And Growth - Commercial Project$4,849,07520612289/11/2014
Atlantic City Contact Center, LLCCall center that works for utility companiesGrow NJ$32,740,805103327/9/2015
South Jersey Gas CompanyCompany moved 167 jobs from Folsom/Hammonton to new office in Atlantic CityGrow NJ$12,655,2601008/11/2015
Enroute Computer Solutions, Inc.Federal contractor of air-traffic-control systems that planned to open AC officeGrow NJ$9,315,000103810/14/2016
DeWalt Brewing CompanyBrewery, to be located near Little Water Distillery (not completed)Grow NJ$1,087,95010153/24/2017

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