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 use and $0.50 directed to the Casino Revenue Fund. The proposed legislation eliminates the allocation of the $0.50 to the Casino Revenue Fund, instead directing all parking fee revenues 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 Atlantic City, rather than being restricted to the corridor region as previously mandated. This change aims to enhance the CRDA's ability to support economic development and infrastructure improvements throughout the entire city, thereby promoting the overall betterment of Atlantic City.

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