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-approved public improvements and economic development projects, while the remaining $0.50 is deposited into the Casino Revenue Fund. The proposed legislation will redirect the entire parking fee revenue to the special fund, eliminating the deposit into the Casino Revenue Fund starting in State fiscal year 2026.

Additionally, the bill expands the permissible uses of the parking fee revenues by 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 CRDA's ability to support the overall development and betterment of Atlantic City, thereby addressing infrastructure and economic needs more comprehensively.

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