This bill amends the Casino Reinvestment Development Authority (CRDA) Urban Revitalization Program by extending certain provisions related to project grants for district projects in Atlantic City. Specifically, it allows developers, including casino licensees, to receive annual incentive grants for a maximum of 40 years following the completion of a district project, an increase from the previous limit of 20 years. Additionally, the bill raises the cap on the total amount of grants a developer can receive to five times the approved cost of the district project, rather than the previous limit.

Furthermore, the bill provides renewed eligibility for district projects that have completed at least 20 years prior to the bill's effective date, allowing them to receive project grants for an additional 20 years or until the total grants equal five times the approved cost of the project, whichever comes first. The amendments include specific legal language changes, such as the extension of the grant duration and the adjustment of the total grant cap, which are crucial for incentivizing the development of entertainment and retail venues in designated districts.

Statutes affected:
Introduced: 5:12-173.15, 5:12-173.16