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CRDA: May '17 Board Meeting


For Immediate Release: May 17, 2017

CRDA: May '17 Board Meeting

Contact:


Karen Martin
609-449-7154


At a public meeting today, the Board of the New Jersey Casino Reinvestment Development Authority (CRDA) approved the adoption of a revised mission statement for the agency, as well as a supplemental fund to provide entertainment offerings in the Tourism District for the summer season.   

“The CRDA has adjusted to accommodate the additional responsibilities absorbed since 2011 and the reduction in investment alternative tax revenues, which have been redirected in part to pay the bond debt service of Atlantic City, said CRDA Board Chairman Robert Mulcahy. “This new CRDA mission statement more accurately reflects the agency’s mandate to advance the core objectives of the Tourism District.”

 

The adopted CRDA mission statement reads:

The Casino Reinvestment Development Authority facilitates economic and community development in Atlantic City by leveraging its available assets and revenues with private investment capital to support redevelopment projects throughout the City.  Supporting these efforts, the CRDA also oversees land use planning and clean and safe initiatives in the Atlantic City Tourism District.  Concurrently, the CRDA continues its mission to attract visitors to Atlantic City by presenting world class entertainment events and conventions at Historic Boardwalk Hall, the Atlantic City Convention Center and other local venues.

 

The Board also approved a supplemental fund reservation in the amount of $51,500 and authorization to enter into a public-private partnership agreement with Boardwalk Entertainment Company for sponsorship of the 2017 Boardwalk Music Series and the 2017 Movies Under the Stars Series.    

“The Board-approved funding allows for a variety of entertainment at several venues to attract and entertain visitors to Atlantic City,” said CRDA Executive Director Chris Howard. “This agreement, combined with the recently announced Pink and Brantley Gilbert Beachfest concerts, follows the direction of our new mission statement and positions Atlantic City as a can’t-miss destination this summer.”


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About the CRDA:

The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents since 1984.  Under the 2011 Tourism District Act, the Authority's mission evolved from statewide projects to becoming the state's key economic development agency for Atlantic City.  CRDA's expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center.  In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com.  Follow us on Twitter at www.twitter.com/njcrda.