Authority may help pay for Atlantic City convention center upgrades

The New Jersey Economic Development Authority may provide financial help for convention center upgrades. The aid may support capital projects to improve or modernize the Atlantic City Convention Center, including repairs, accessibility work, energy upgrades, and maintenance. The total aid is capped at $50 million and depends on money approved by the Legislature. A developer must show that the work will support the center’s competitiveness, function, and visitor experience, as well as local tourism and economic growth. Before aid is issued, the developer must assess project needs, priorities, approximate costs, and funding plans, then report them to the authority. The act would take effect immediately.

The New Jersey Sports and Exposition Authority must commission and publish an impact study before a state agency awards a subsidy. This applies to development in the Hackensack Meadowlands for live sports or entertainment events, or a convention center, when the developer seeks state economic development aid worth more than $25,000. The study must be done with the Department of Community Affairs and assess effects on the center’s economic strength and ability to compete, including effects on tourism, jobs, and competition with other states. The authority must send the report to the Governor and Legislature and provide a copy to the Economic Development Authority. For a covered project with a subsidy application pending when the act takes effect, the report is due within 180 days or before approval, whichever comes first.