A New Jersey redevelopment agency has recently given preliminary approval to fund the partial demolition of the Trump Plaza casino in Atlantic City, a report by nj.com says. The Casino Reinvestment Development Authority plans to pay $5.6 million to developer Carl Icahn for the demolition costs.
Funds from the state-mandated casino investment alternative taxes will be used to pay Icahn, the report says. Icahn plans on demolishing one of two hotel towers and a bridge.
Trump Plaza was opened by Donald Trump in 1984 and shut down in September 2014. The report says its parent company, Trump Entertainment Resorts, was acquired by Icahn in February 2016. Icahn shut down the Trump Taj Majal eight months later.
The plaza sits on Boardwalk land at the end of the city’s main entranceway, the Atlantic City Expressway. Robert Mulcahy III, chairman of the redevelopment agency, says in the report the request for funding is worthwhile because the land could become part of a redevelopment project.
The agency must hold a hearing to examine the benefits of the request and decide whether to give full permission.
Funds from the state-mandated casino investment alternative taxes will be used to pay Icahn, the report says. Icahn plans on demolishing one of two hotel towers and a bridge.
Trump Plaza was opened by Donald Trump in 1984 and shut down in September 2014. The report says its parent company, Trump Entertainment Resorts, was acquired by Icahn in February 2016. Icahn shut down the Trump Taj Majal eight months later.
The plaza sits on Boardwalk land at the end of the city’s main entranceway, the Atlantic City Expressway. Robert Mulcahy III, chairman of the redevelopment agency, says in the report the request for funding is worthwhile because the land could become part of a redevelopment project.
The agency must hold a hearing to examine the benefits of the request and decide whether to give full permission.
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