This bill mandates that all revenue generated from casino hotel parking fees 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 currently going to the Casino Revenue Fund into the special fund for CRDA, starting in State fiscal year 2026, thereby eliminating the Casino Revenue Fund's share of the parking fee revenue.

Additionally, the bill expands the permissible uses of the parking fee revenues by the CRDA, allowing funds to be utilized for any projects within the boundaries of Atlantic City, rather than being restricted to the corridor region. This change aims to enhance the CRDA's ability to support various development initiatives throughout the city, thereby promoting broader economic growth and infrastructure improvements. The bill emphasizes the public purpose of these amendments, highlighting the importance of the parking fee revenue in supporting the ongoing development and betterment of Atlantic City.

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