FIOCCHI BILL CALLS FOR CRDA TO RETURN UNSPENT FUNDS TO ATLANTIC COUNTY FOR PROPERTY TAX RELIEF

WASHINGTON, D.C. – March 13, 2015 – (RealEstateRama) — To provide property tax relief to the hard-hit South Jersey region, Assembly Republican Sam Fiocchi has sponsored legislation to return unexpended grant money from the Casino Reinvestment Development Authority (CRDA) to Atlantic County.

“It is time to bring this money back home to help balance property tax burdens in the county,” said Fiocchi, R – Cumberland, Cape May and Atlantic. “When casino gaming was introduced, the intent was to help redevelop Atlantic City. Casino economics have changed, and the value of ratable base has crashed along with it. Property taxpayers in the county have been left holding the bag. This money can ease the burden on the taxpayers.”

Fiocchi introduced A-4263 with Assemblyman Chris A. Brown. The bill would require that grants awarded by CRDA before February 2011 that have not been expended or encumbered for projects outside of Atlantic County be returned to be used exclusively for property taxes. It would include more than $16 million for a redevelopment project in Camden County that has been languishing for more than 10 years.

“This area of the state has been hit hard by the long recession,” continued Fiocchi. “Working families and seniors on fixed incomes can’t afford their property taxes because the casinos haven’t lived up to expectations. The CRDA money comes from a tax on casino revenue, and it makes sense to use that money to help stabilize Atlantic County.”