State Sen. Vince Polistina on Monday introduced bills to return millions of dollars to the Casino Reinvestment Development Authority, and to extend the benefits some developers of entertainment or retail projects in the city can receive.
The Atlantic County Republican introduced a bill that would send all revenue generated by the casino hotel room occupancy fee to CRDA, for a total of $12 million per year.
He also introduced a companion bill that would double the amount of time that developers could receive incentives under CRDA’s Urban Revitalization Program.
The current limit is 20 years. The new bill would increase that to a maximum of 40 years, or until the combined total of all annual incentive grants received by the developer for a district project equals five times the approved cost of the project, whichever is earlier.
