CRDA

Decades of spending casino funds caught up with the Casino Reinvestment Development Authority in September, as two reports portrayed an agency that has focused too much on glitz and not enough on rebuilding the resort.

ATLANTIC CITY — A long-awaited state audit of the Casino Reinvestment Development Authority will be released to the public this summer.

State Auditor Stephen M. Eells said the official report likely will be made available in late July or early August. Investigations by the Office of the State Auditor began in 2016.

No other state audit for the CRDA appears on the legislative website where other financial reports of state agencies and departments are posted. The authority was formed in 1984.

The CRDA’s investment in capital assets is $324.6 million and consists of office furnishings, computers, office equipment, a public parking garage and Convention Center Division capital assets, according to an independent audit from 2016.

In addition, the CRDA holds an investment in real estate of $193.4 million.

The CRDA is responsible for facilitating economic and community development in Atlantic City by leveraging assets and revenue with private investment capital for redevelopment projects, according to the agency’s website. Since 2011, it also oversees land-use planning and initiatives in the Atlantic City Tourism District.

The agency derives revenue from room, parking and luxury fees collected from casinos.

Eells said his office has a planned meeting with CRDA officials in June and that the agency will have an opportunity to respond to the audit’s findings before the report is made public. Typically, the window for a response is 15 business days, and Eells said it was possible a “week or so” extension may be granted because of a change in leadership at the CRDA beginning July 1.

CRDA Deputy Executive Director Matt Doherty was appointed to lead the agency by Gov. Phil Murphy in March.

The authority did not immediately respond to a request for comment.

Contact: 609-272-7222 DDanzis@pressofac.com Twitter @ACPressDanzis

Staff Writer

I cover Atlantic City government and the casino industry since joining The Press in early 2018. I formerly worked as a politics & government reporter for NJ Herald and received the First Amendment: Art Weissman Memorial NJPA Award two years in a row.

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