Is the Timing Perfect for Atlantic City? – Episode 17

Is the Timing Perfect for Atlantic City?

Host Mona Shah and co-host Mark Deal talk with Frank Gilliam, Jr., Councilman At-Large in Atlantic City about the abundance of prospects investors can find in Atlantic City. The concentrated area – 48 blocks – relied too heavily on casinos and gambling, which limited the many growth opportunities. Since Superstorm Sandy in 2012, Atlantic City has been focusing on revitalizing itself and focusing on again becoming “The World’s Playground”. Mr. Gilliam, has served as a Councilman since 2014 and is a passionate advocate for the revitalization of the city, particularly the possibilities that EB-5 investment can bring the diverse city.
 

 

• In his role as the At-Large member of the City Council, Mr. Gilliam is also the Chair of Atlantic City’s Planning & Development Committee.

• Atlantic City currently has 719 parcels available for development. These properties are available for government and private partnerships and Mr. Gilliam feels that these properties are vital to the city’s renaissance.
• Currently, Atlantic City is considered a blank slate and is a great opportunity for investors.

• There are a number of tax credits and incentives available for all investors. Two major incentives currently available are:
  1. Investors can receive up to 40% of their investment back in tax credits.
  2. Employees can receive a tax credit of $10,000 per year for up to ten years.

• Atlantic City is rebuilding after Superstorm Sandy. Investor coming in now are able to purchase property for historically low prices
• Stockton University is the largest Environmental university in the United States. It is moving back to the city and is redeveloping an area into a designated university district.
• Visions for the city as a result of future funding opportunities include:

1. Redevelop the city from being so casino focused.
2. Stabilize the budget and tax base
3. Resurrect the hosing stock

• The city features a vibrant business district and is an excellent location for second homes or vacation property.
• The goal of the City Council is to remake Atlantic City into the “Greenest Town” in the country. It’s compact size (48 city blocks) makes that an attainable goal.
• The City has already invested heavily in improvements to the City. Two million dollars has already been spent to replace the street lighting with energy efficient LED lights.
• Plan are in place to increasing police presence and surveillance. This will provide a safer living environment and will also protect the developer’s investments.
• In the past Atlantic City was too dependent on the gaming industry. Until a few years ago there were too many casinos for such a small area. While the population was diverse, the economy was limited.
• The future holds interesting opportunities for any developer. These unique opportunities are poised to revitalize the city and again make Atlantic City the “Playground of the World”.