Atlantic City is in the midst of its worst ever economic crisis. With three of its major casinos closing, resulting in the loss of more than 7,500 jobs; with a 29% property tax hike; and a huge decline in the amount of state revenue that come from Atlantic City, Governor Christie has called for a bipartisan summit to create a new plan for moving forward. We believe that implementing PACE should be a part of that plan.
PACE can provide a significant boost to the local economy by attracting private capital for long term, cost effective energy upgrades, and eventually financing for resiliency projects as well. With more than $15 billion in commercial properties, Atlantic City has the largest concentration of potential PACE projects in the state. If one-third of these properties warranted upgrades, and the average cost of the the upgrade was approximately 10% of the properties’ value, that would correspond to a potential $500 million investment, yielding approximately 7,500 new jobs (or job years, to be precise, but the ripple effect is one that continues to yield economic benefits over time). And the opportunity, given that AC’s status as a leader in green energy is about to get a boost from the approval of four offshore wind turbines, may well be much larger.
In order to bring attention to what PACE can provide for Atlantic City, we have scheduled a press event at the Warwick Condominium on Thursday, September 4, with the local Councilman, the Trustees of the Condominium association, the engineering contractor, and at least one capital provider. The property managers and trustees of a dozen other major condo buildings are invited, as are other city and county officials, other engineering firms, and the media.
Here is our Press Advisory for the event: PressAdvisory-NJPACE-AtlanticCity4Sept2014
Please contact us for further information.