The Atlantic County Improvement Authority (“ACIA”) invites municipalities within Atlantic County (the “County”) to apply for assistance from the ACIA, in the form of a grant described in more detail herein, under the ACIA’s Economic Development/Redevelopment Initiative (the “Initiative”). In recent years, economic development in and around Atlantic City has been overseen and implemented by and through the Casino Reinvestment Development Authority and various other State-created entities. The County Executive and the Board of Chosen Freeholders of the County seek to increase the role of the County and other local stakeholders in an effort to foster economic development throughout the County. The County has tasked the ACIA with responsibility to lead such effort.
Through the Initiative, the ACIA seeks to identify appropriate economic development and redevelopment opportunities, and utilize its broad powers, in conjunction with the powers of municipalities under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “Redevelopment Law”), to advance those opportunities. The Initiative will lead to the revitalization of under utilized and distressed areas and transform such areas into economically viable and productive assets. This will stimulate further growth and have a sustaining impact on the County’s communities and the County as a whole. The ACIA will, on behalf of and in conjunction with selected municipalities, utilize its project management experience, call upon the expertise of seasoned professional consultants and employ its expansive powers to create new, and advanced stalled, development and redevelopment projects.
THE GOAL: SPUR REDEVELOPMENT
Generate Ratables, Create Jobs (temporary and permanent), Remediate Contamination, Improve/Construct Infrastructure and Eliminate and Prevent Blight.
Applications from municipalities for grants in form of professional services Value up to $50,000
ACIA will assemble professionals – planning, engineering, financial and legal, ACIA team will review applications and select applicants based on following criteria: Designated Redevelopment/Rehabilitation Area; Ownership Interest/Site Control; Willingness of municipality to consider PILOTs, increased density, or and/contribution of land and/or funds. Most importantly the applications will be evaluated on the likelihood of proceeding with the project. Due to ACIA by June 1, 2015, ACIA to select candidates by July 1, 2015.