ELIGIBILITY

Eligible Applicants

For-profit or non-profit entities responsible for overseeing a real estate development project and coordinating the activities related to the project, including, but not limited to, project design, project financing, and permitting and local approvals, are eligible to apply (each, an “Applicant” or “Developer Entity”).

A real estate holding company or other special purpose entity that exists solely to own property or a real estate project is not eligible.

Any city, State, or county entity and any state colleges or universities are not eligible to apply for any support from the Program.

Eligible Projects and Restrictions

• New construction for a commercial end use that addresses a community need listed in the “Local impact considerations” described below (100% residential is not eligible but mixed-used construction is eligible; must have at least 20% of the total square footage of the building dedicated to a commercial use).
• Renovation or restoration of a vacant or partially vacant building in need of repair (if the project consists of vacant space or partially vacant it would have to be at time of application and up to approval).
• Addresses a “Local impact consideration” as identified below and within Atlantic City.
• Projects may include public infrastructure improvements that are necessary to complement or complete the Project.
• All Project costs (soft and hard construction costs – no operating costs) can be included and may include predevelopment projects costs associated to the Project.
• The developer fee cannot exceed 8% of total Project costs.
• All Projects must be fully completed by the end of calendar year 2026 (as per US Treasury deadlines).  Grants will be subject to federal Duplication of Benefits requirements.
• A cost reasonableness analysis will be completed prior to any Project being approved.
• Contingencies of total Project costs cannot exceed 10% on hard Project costs and 5% on soft Project costs.  The Grant amount shall not increase after approval due to contingencies.
• Any awardee of a Real Estate Grant under the NJEDA Activation Revitalization Transformation (ART) Program established by the Authority is not eligible to apply for this Program.
• Projects that have started construction are not eligible.  Construction, including demolition and remediation, cannot start until approval.  

Project Eligibility Considerations (necessary for federal guidelines)

Since the Program is funded through federal resources that were meant to mitigate the negative impacts of COVID-19, applicants must demonstrate how the Project will benefit the community.  All Projects will need to address and demonstrate how they meet the following requirements at time of application:

• COVID Impact: Applicants must certify that the Project is responsive to the negative public health and/or economic impacts of the COVID-19 pandemic and complies with all the ARP program requirements.
• Capacity: The applicant must certify they have experience implementing at least three similar scope and size projects (similar budget size and scope) and provide documentation except if the applicant is selecting to support a “Small Business Efforts” or “Food Insecurity Efforts” box as their local impact consideration at time of application, in which case the experience requirement is waived.
• Long-term impacts: Applicants must certify how the project will have a positive long-term impact in the community it will be located in and the overall benefit to Atlantic City.  If the property is owned by the applicant, they must agree to a 5-year deed restriction so that the project use cannot change after the later of their last disbursement or project closeout.  If the property is leased, then the landlord must sign off on a certification to agree to the deed restriction.    
• Financial Viability: Applicant must certify the project will be financially viable and self-sustaining after construction.  The applicant will certify they are able to operate and maintain site control for the necessary time period. Also, that the applicant will meet US Treasury project completion timeline requirements.
• Project completion: Applicant must certify they are aware and agree that the construction project can be completed by 12/31/26 (as per US Treasury) or they may be held liable for the recapture of the grant funds they drawdown or have received. 
• Local impact considerations: All Projects must address at least one of the following five community initiatives to be eligible to apply (applicant will check all that apply):
  1. Small Business Support Efforts: Businesses that are engaged in the following are not eligible for funding: the conduct or purveyance of “adult” (i.e., pornographic, lewd, prurient, obscene or otherwise similarly disreputable) activities, services, products or materials (including nude or semi- nude performances or the sale of sexual aids or devices); any auction or bankruptcy or fire or “lost-our-lease” or “going-out-of- business” or similar sale; sales by transient merchants, Christmas tree sales or other outdoor storage; cannabis related businesses; casinos; or any activity constituting a nuisance.
  2. Clean and Safe Efforts
  3. Food Insecurity Efforts
  4. Downtown Vitality Efforts (all projects must be located from Sunset Avenue, Fairmount Avenue, Baltic Avenue to the boardwalk throughout Atlantic City).
  5. Job and Office Space Creation

U.S. Treasury Reporting

Applicants must certify that they have the ability to provide the U.S. Department of the Treasury with relevant reporting for all Project expenditures exceeding $1 million if necessary; specifically, all applications shall provide a narrative on how the Project will address the impacts of COVID-19 in Atlantic City, and why this capital expenditure is the most appropriate to address the economic harms caused by COVID.