Lesniak Economic Growth Act II Signed

Bill Will Pave Way for Montclair State, Revel Casino and other job-creating projects, billions of dollars in economic activity

MONTCLAIR – Senator Raymond Lesniak, D-Union, the prime sponsor of S-920, legislation needed to fully implement the provisions of the New Jersey Economic Stimulus Act of 2009 he sponsored in order to create jobs and economic opportunity for the people of New Jersey, issued the following statement regarding Governor Christie’s signing of the bill today at Montclair State University:

“S-920 makes some refinements to the New Jersey Stimulus Act so that two high-powered, job-creating, economy-improving development projects can be completed.

“The Montclair State technical amendments will facilitate the construction of a much-needed 2,000 unit housing and dining complex on the campus of one of our leading institutions of higher education, allowing it to provide a quality education for more New Jersey residents in a college campus setting. Additionally, it will put over 1,300 construction workers on the job and bring in $130 million of private investment for New Jersey-based contractors and subcontractors. By making the technical changes contained in S-920 to the NJ Stimulus Act, shovels can soon be in the ground and the new housing and dining facilities will be ready for Montclair State students in time for the 2011-12 academic year.

“Additionally, the sunset of the public-private partnership authorization will be extended by one year, allowing other State Universities and Colleges to improve and expand their facilities.

“The amendment needed by the Revel project in Atlantic City, will create an opportunity for a public-private partnership to complete a new casino with 1,900 hotel rooms; 150,000 square feet of gaming; 35,500 square feet of entertainment space; 170,000 square feet of convention space; 20 restaurants, and 44,000 square feet of beach amenities.

“Scheduled to open in 2011, Revel will generate $2 billion in economic activity for New Jersey contractors and subcontractors and will produce $134 million a year in state and local revenues, not including income and payroll taxes. This investment will create 2,600 construction jobs and 5,500 permanent jobs at the Revel site and another 2,500 construction and permanent jobs from manufacturing, vendor, supplier, professional, and consultant work related to the project and its infrastructure, for a total of nearly 11,000 jobs.

“Revel is not just another casino. It’s a $2 billion investment in making Atlantic City a tourist destination, something that must happen for it to compete with new gambling attractions in neighboring states. S-920 will give Revel an opportunity to secure the financing needed to complete the entire project including necessary infrastructure improvements for Atlantic City.”

The bill was approved by both houses of the Legislature in March.

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