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.
|Project Applicant Name||Project Details||Type of Project||Award Amount||Term (Years)||New Jobs||Estimated Construction Jobs||Date Approved|
|Island Campus Redevelopment Associates LLC||Student dormitory and academic building for Stockton University||Economic Redevelopment And Growth - Residential Projects||$38,423,008||10||0||575||1/12/2016|
|ACB Ownership, LLC||The PolerCoaster (not completed)||Economic Redevelopment And Growth - Commercial Project||$38,400,000||20||150||400||4/13/2017|
|Island Campus Redevelopment|
|Parking garage for South Jersey Industries next to new Stockton University site||Economic Redevelopment And Growth - Residential Projects||$29,925,360||10||0||200||1/12/2016|
|South Inlet Partners Urban Renewal|
|Boraie Developments' 250 units of new housing in the South Inlet||Economic Redevelopment And Growth - Residential Projects||$24,433,560||10||10||200||1/12/2016|
|Carver Hall Urban Renewal, LP||Rehabilitation of 252-family units at Carver Hall Apartments on North South Carolina and North Tennessee Avenues||Economic Redevelopment And Growth - Residential Projects||$13,524,105||10||12||76||10/15/2015|
|ACTH Partners, LP||Rehabilitation of 175-unit senior housing at Atlantic City Townhomes, 1330 Mediterranean Ave||Economic Redevelopment And Growth - Residential Projects||$6,591,086||10||5||30||11/10/2014|
|Tropicana Atlantic City Corporation||Revitalization of Tropicana's boardwalk façade, 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||$4,849,075||20||61||228||9/11/2014|
|Atlantic City Contact Center, LLC||Call center that works for utility companies||Grow NJ||$32,740,805||10||332||7/9/2015|
|South Jersey Gas Company||Company moved 167 jobs from Folsom/Hammonton to new office in Atlantic City||Grow NJ||$12,655,260||10||0||8/11/2015|
|Enroute Computer Solutions, Inc.||Federal contractor of air-traffic-control systems that planned to open AC office||Grow NJ||$9,315,000||10||38||10/14/2016|
|DeWalt Brewing Company||Brewery, to be located near Little Water Distillery (not completed)||Grow NJ||$1,087,950||10||15||3/24/2017|