5:12-178 - Projects or investments benefiting, improving, or increasing value of casino hotel or related facility; authority investment; prohibition - New Jersey Statutes

5:12-178.  Projects or investments benefiting, improving, or increasing value of casino hotel or related facility;  authority investment; prohibition
    The Casino Reinvestment Development Authority shall not invest in, issue a guarantee in support of, or approve any investment or project which directly and exclusively benefits, improves, or increases the assessed value of a casino  hotel or related facility.  Notwithstanding the foregoing, to the extent that  an investment in or guarantee of infrastructure requirements, such as public  roads, streets, intersections and sewer and water facilities, which are  dedicated to the public use and benefit society as a whole exceeds the demand  for such requirements created by an approved casino hotel or related facility  and thus does not finance infrastructure improvements required to be made by a  casino licensee pursuant to subsection e. of section 84 of P.L.1977, c. 110 (C.  5:12-84), the excess investment or guarantee may be considered an eligible  investment or project if the authority finds that the investment or guarantee  serves the most pressing social and economic needs of the residents of the city  of Atlantic City and otherwise satisfies the requirements of section 25 of this 1984 amendatory and supplementary act.

     L.1984, c. 218, s. 30, eff. Dec. 19, 1984.