Fund Reservation Will Benefit Stockton Aviation Research And Technology Park Project

The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) at its special meeting on Tuesday approved a fund reservation for the Stockton Aviation Research and Technology Park (SARTP).   

The approved $2,674,000 in funding will be utilized for a portion of the construction of the park’s initial 66,000-square-foot building, which will be outfitted for research and development space.  The project will be 100% publicly owned and funded, with an estimated total cost of $22,450,000.  In addition to the CRDA funding, the Atlantic County Improvement Authority (ACIA) is providing approximately $15.5 million towards the project, with Atlantic County pledging over $6 million in general obligation bond funding.     

“This project could be a centerpiece for the park and it will diversify and boost our economy while providing jobs to the people in the county and city,” said CRDA Executive Director John Palmieri.  “By leveraging our funding, we are demonstrating what we can do to advance development locally.”    

According to SARTP Executive Director Joe Sheairs, construction could begin this summer, followed by an eight to 14-month build out process.  Stockton University is taking the lead in developing the park for aviation-related research and programs, with the goal of developing 400,000 square feet of office space on 58 acres of land.    

Following the SARTP action, the Board approved four temporary, second quarter (April 1 – June 30) budgets for the CRDA, the Special Improvement District (SID) division, Convention Center division, and Meet AC.  The Board also approved a 2016 capital expenditure budget of $41.3 million for the Atlantic City Convention Center and Boardwalk Hall.    

Board actions will take effect following the expiration of the Governor’s statutory review period.

(Source: Atlantic City news release)

FMI: www.njcrda.com, www.atlanticcitynj.com/