Partner, Michael D. Sklar successful in effort to have The Casino Reinvestment Development Authority (CRDA) table vote on a $12.6 million renovation of office space for the school board.
As reported by the Press of Atlantic City in CRDA pulls Atlantic City BOE plan CRDA Executive Director Matt Doherty, announced that the proposal to move the Atlantic City Board of Education’s administrative offices to Boardwalk Hall is under “further deliberations and review by CRDA.”
The school board pays Diversified Capital of Lakewood $650,000 a year in rent for 18,000 square feet in an office building at 1300 Atlantic Ave., which includes utilities, maintenance, janitorial and security. Sixty district employees work at the site.
While it would not have had to pay rent at Boardwalk Hall, it would have had to pay its own utilities and other costs. CRDA has not done a fiscal analysis of what the board’s costs would be at Boardwalk Hall.
“We welcome the CRDA’s decision to slow down, hopefully perform the necessary due diligence and make an informed decision on whether this project is in the best interests of Atlantic City and the CRDA,” said Michael Sklar, the attorney for Diversified Capital.
Sklar placed full-page ads in The Press of Atlantic City this week asking people to call the CRDA in opposition to the plan.
Under the plan, the CRDA would pay $10.5 million from luxury-tax funds, with the school board kicking in $2.1 million. Luxury-tax money can only be used for debt payments and marketing, construction and maintenance at Boardwalk Hall and the Atlantic City Convention Center.
Doherty has said the project would enable CRDA to use luxury-tax funds, which are replenishing as the casino industry rebounds, for the good of city taxpayers.
Luxury taxes on hotel rooms, alcohol sales and ticket prices are expected to increase to $38.5 million this year from $37 million last year.
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