The Borgata Hotel Casino & Spa has filed a tax lien in a major redevelopment project for Atlantic City, but the lien is not expected to delay the project.
Atlantic City Development Corp. President Christopher Paladino told the Press of Atlantic City’ that the lien was one of two placed on two city-owned lots needed for the city’s Gateway redevelopment project. The project includes office space and a satellite campus for nearby Stockton University.
The city owes Borgata $170 million in successful tax appeals. The city and the casino have been negotiating over the payment.
Paladino said he still expects to close on the project in the next three weeks and said site work, including environmental cleanup at the former Atlantic City High School site, has already started.
“We either have to resolve it or get a title company to insure over it,” said Paladino. “We need to open Aug. 1, 2018.”
The $210 million Gateway development includes a new Stockton University campus and a South Jersey Gas headquarters with a shared parking garage, according to the Press.
In another matter, Atlantic City still owns Bader Field after an auction of the former municipal airport was delayed.
The city hopes to get about $155 million for the 143-acre property to help its financial crisis. City officials said the auction was delayed because it wasn’t advertised properly under state regulations.
However, according to the Press, a company with a lease to run a sports complex on the property has sued to stop the sale. Bader Field Sports, which signed a lease with the city in late January, asked in its suit for “an order rescinding any actual or attempted auction sale” by Atlantic City of the site.
However, the lease may not have been properly certified by the state and never properly executed, the Press reported.
Sealed bids for the site will now be taken until Aug. 4.
