On Tuesday Governor Chris Christie announced that the Revel casino’s developers had been approved for an Economic Redevelopment and Growth grant, which would kick in once the casino is open and would return a portion of state sales and corporate tax dollars paid by Revel over 20 years on the condition they be used to further the project.
The money could pay for a range of improvements, from restored planks on the Boardwalk to a financial assistance fund for fledgling businesses in the casino’s backyard.
The New Jersey Economic Development Authority dictated that a large chunk — $125 million, close to half of the projected reimbursement — must be used on improvements outside the casino’s walls.
Revel’s application for that money lays out in detail what changes could lie ahead for the casino’s neighborhood. The grant would mean a fresh start for struggling visitor attractions and a boost for businesses, according to a breakdown of the project listed by Revel’s attorneys in the EDA filing.
Sherri Lilienfeld, Prudential Fox & Roach Realtors, 9218 Ventnor Avenue, Margate, NJ 08402, Sherri@NJ-ShoreRealEstate.com, (609) 287-1795.