This bill mandates that all revenue generated from the casino hotel parking fee be allocated to the Casino Reinvestment Development Authority (CRDA) for projects within Atlantic City. Currently, casino licensees charge a $3.00 daily parking fee, with $2.50 going to a special fund for CRDA use on public improvements and economic development in the corridor region of Atlantic City, while the remaining $0.50 is deposited into the Casino Revenue Fund. The proposed legislation will redirect the $0.50 from the parking fee, which is currently allocated to the Casino Revenue Fund, to the special fund for CRDA 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 the entire City of Atlantic City, rather than being restricted to the corridor region. This change aims to enhance the development and betterment of Atlantic City by providing the CRDA with greater flexibility in funding various projects. The bill also includes provisions for the State Treasurer to oversee the allocation of these funds, ensuring that a financial plan is approved prior to the distribution of moneys from the special fund.

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