A $253.3 million bond offering will mean more than $100 million in upgrades for Boardwalk Hall and the Atlantic City Convention Center, according to a published report.The Press of Atlantic City said Wednesday that the Casino Reinvestment Development Authority is selling the bonds for three reasons: Improve both buildings, retire existing debt and settle a lawsuit related to Boardwalk Hall tax credits.
After the sale of the bonds, the CRDA will take over both facilities, a move that has been in the works since 2011, the Press said.
The $110 million in planned improvements include maintenance, repairs and cosmetic upgrades for both buildings, the Press said, with a five-year time frame for the work.
Projects include electrical, plumbing and heating-and-ventilation upgrades, as well as roof repairs, new flooring and new painting. The CRDA is also considering new entryways at the convention center and converting a ballroom at Boardwalk Hall into an entertainment venue, the report said.
The Press quoted CRDA Executive Director John Palmieri as saying: “We’re going to be looking at everything. The question is, what will we focus on in the first tier?”
The bonds are backed by Atlantic City’s luxury tax on show tickets, hotel rooms and alcoholic beverages, the report said.
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