Atlantic City
By Joshua Burd
The state Economic Development Authority has approved a pilot program to fund capital projects in Atlantic City, seeking to help spur investment at the neighborhood level.
Known as the Atlantic City Revitalization Grant Program, the initiative will draw from a pool of $19.65 million to support proposals that would address a negative impact of COVID-19 and contribute to the municipality’s revitalization. Such projects include capital construction that renovates or restores a vacant building or a new construction project, the EDA said after approving the program on Dec. 14, noting that all applications must aim to address at least one local impact consideration such as addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives and small business support.
The program will use American Rescue Plan State and Local Fiscal Recovery Funds.
“The Atlantic City Revitalization Grant Program advances Governor Phil Murphy’s goal of investing in New Jersey communities by promoting strong and equitable economic recovery, supporting business and job creation and bolstering local economies,” said Tim Sullivan, the authority’s CEO. “The program approved today adds to the NJEDA’s robust suite of impactful and strategic programs to strengthen Atlantic City’s economy in the wake of the pandemic.”
According to the agency, the program will be open to for-profit and nonprofit entities responsible for overseeing a real estate development project in Atlantic City. Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50 percent of all soft and hard construction costs with a minimum award request of $1 million and a maximum award request of $10 million.
Once approved for grant funding, projects will be presented to the EDA board for final approval, and applicants must demonstrate they have secured the remaining portion of funding.
“The Atlantic City Revitalization Grant Program is a welcome addition to ongoing efforts to diversify and expand the city’s economic opportunities and improve the quality of life for city residents,” said Jacquelyn A. Suárez, acting commissioner of the state Department of Community Affairs. “Atlantic City is making strides and this new grant program will help keep the positive momentum going. We’re confident the Atlantic City revitalization grants will result in projects that strengthen neighborhoods, support existing businesses, and create well-paying jobs.”
Grants awarded from the Atlantic City Revitalization Grant Program will use $19.65 million in ARP Coronavirus State and Local Fiscal Recovery Funds of the $30 million appropriated for “Atlantic City Initiatives” in the New Jersey Fiscal Year 2024 Appropriations Act, the EDA said in a news release. More information on program eligibility and the application process is available on the EDA’s website.
“As the Small administration continues to push for more development in the Great City of Atlantic City, we are grateful this additional funding has become available to hopefully ease some burdens,” Atlantic City Mayor Marty Small Sr. said “The COVID-19 Pandemic halted many development plans in Atlantic City, so I encourage anyone who is eligible to apply for these funds, and thank the New Jersey Economic Development Authority for your continued support.”
Last week’s announcement came with support from a host of other elected officials:
State Sen. Vince Polistina: “This revitalization program is a monumental investment into Atlantic City and our shore town communities. Due to the prolonged effects of the pandemic, small businesses throughout the state — especially those at the Jersey Shore — are still struggling to survive. This initiative will help alleviate some of that economic stress by supporting capital projects, bolstering vital coastal infrastructure, and creating additional opportunities to generate revenue.”
Assemblyman Don Guardian: “Atlantic City’s recovery from the economic effects of the pandemic is more than just getting gaming revenue back, it requires strategic investments in our neighborhoods. This city has a strong entrepreneurial spirit that I championed as mayor and that will be funded through this grant program. With this support from the state, and the imagination and dedication of small businesses, nonprofits, developers and local and state leaders, a healthier, safer, and more vibrant Atlantic City is on the horizon.”
Assemblywoman Claire Swift: “Today’s announcement will uplift Atlantic City’s communities through projects that support jobs, repurpose abandoned buildings and improve the health and security of residents. This program marks a significant commitment to the future of Atlantic City and its resiliency.”
