You may have heard recently about the casino closures, property tax hikes, and other issues effecting Atlantic City. In my opinion I don’t see new casino’s coming to Atlantic City to solve the cities woes. I do see a great opportunity for businesses to move to Atlantic City or start in Atlantic City. There are excellent incentives to bring businesses and development to the city.
You may have heard about the call center that launched in Atlantic City. The company was approved for $33,000,000 in tax credits! The company plans to hire over 300 people and will recieve $3.27 million per year in tax credits over a 10-year period through the Grow New Jersey Assistance Program. Through this program businesses that are creating or retaining jobs in New Jersey may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year.
The other fantastic incentive program is the Economic Redevelopment and Growth (ERG) Program. This also run by the NJ Economic Development Authority. For residential projects: Tax credit of up to 20% of total project cost with 10% bonus possible if the project constructs and reserves at least 10% of the residential units for moderate income housing. And for commercial projects: Incentive grant reimbursement of up to 20% of total project cost. Because Atlantic City is located in one of the five Garden State Growth Zones there is up to an additional 20% in incentives. Imagine building a brand new building or development and getting up to 40% of the cost back in tax incentives!
So besides the incentives there are a few other reasons to bring your business to Atlantic City. We have an ample work force of good hard working people. You’ll have no problem hiring great talent in Atlantic City. Also the location is fantastic. We have fabulous beaches, world class restaurants, shopping, entertainment, and recreation. We’re also one hour from Philadelphia and two hours from New York City.
This is clearly the best time to bring your business to Atlantic City. If you or someone you know is considering starting or expanding their business please contact me. I’d love to connect them with the resources they need to take advantage of the opportunities right now in Atlantic City commercial real estate.
P.S. For additional incentive for Atlantic County visit Atlantic County Economic Development Site.