This bill mandates that all revenue generated from casino hotel parking fees in Atlantic City be allocated to the Casino Reinvestment Development Authority (CRDA) for various projects within the city. Currently, casino licensees charge a $3.00 daily parking fee, with $2.50 going to a special fund for CRDA projects and $0.50 deposited into the Casino Revenue Fund. The proposed legislation eliminates the allocation of the $0.50 to the Casino Revenue Fund, directing it instead to the special fund for CRDA use starting in State fiscal year 2026.

Additionally, the bill expands the permissible uses of the parking fee revenues, allowing the CRDA to utilize these funds for any projects within Atlantic City, rather than being restricted to the corridor region as previously mandated. This change aims to enhance the development and improvement of the city by providing the CRDA with greater financial resources and flexibility in addressing various urban needs.

Statutes affected:
Introduced: 5:12-173.1, 5:12-173.4