Bill Text: NJ A4285 | 2014-2015 | Regular Session | Introduced
Bill Title: Requires certain funds paid to CRDA to be awarded to Atlantic County for property tax relief.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2015-03-16 - Introduced, Referred to Assembly State and Local Government Committee [A4285 Detail]
Download: New_Jersey-2014-A4285-Introduced.html
Sponsored by:
Assemblyman CHRIS A. BROWN
District 2 (Atlantic)
Assemblyman SAMUEL L. FIOCCHI
District 1 (Atlantic, Cape May and Cumberland)
Co-Sponsored by:
Assemblyman Rumpf, Assemblywoman Gove and Assemblyman C.J.Brown
SYNOPSIS
Requires certain funds paid to CRDA to be awarded to Atlantic County for property tax relief.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain funds paid to the Casino Reinvestment Development Authority and supplementing P.L.1977, c.110 (C.5:12-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. When a recipient of funds from a grant that was awarded by the Casino Reinvestment Development Authority prior to February 1, 2011 for a project outside of Atlantic County returns all or a portion of those grant funds to the authority, or pays to the authority under the terms and conditions of an agreement with the authority certain funds derived from proceeds realized from activity on that project, the authority shall provide the total amount of the returned or paid funds to Atlantic County, within 30 days of receipt, to be used solely and exclusively by the county for the purpose of reducing the amount that is required to be raised by the local property tax levy by the county for county purposes.
2. This act shall take effect immediately.
STATEMENT
This bill would require that when funds from a grant awarded by the Casino Reinvestment Development Authority (CRDA) prior to February 1, 2011 for a project outside of Atlantic County are returned to the authority, or funds derived from proceeds realized from activity on that project are paid to the authority under the terms and conditions of an agreement with the authority, the authority is to provide the total amount of such funds to Atlantic County, within 30 days of receipt, to be used solely and exclusively by the county for the purpose of reducing the amount that is required to be raised by the local property tax levy by the county for county purposes.
These funds should be used to assist the taxpayers of Atlantic County. This assistance is in line with the original intent for authorizing casino gaming which was to redevelop Atlantic City. The current fiscal crisis in Atlantic City and the contraction of the gaming market due to increased regional competition has affected the ratable base of Atlantic City and in turn has had an impact on property taxpayers in Atlantic County. The purpose of this bill is to assist those taxpayers.
February 1, 2011 is the effective date of P.L.2011, c.18 (C.5:12-218 et al), the law that established the Atlantic City Tourism District and required all assets and revenues of the CRDA to be used for the tourism district and community development in Atlantic City.
