Atlantic City’s Steel Pier to Receive $6.1-Million Loan
Atlantic City's Steel Pier has received final approval for a $6.1 million loan from the state agency tasked with turning around the seaside resort.
The pier's owners will use the money from the Casino Reinvestment Development Authority to renovate and expand the historic site. The three-year project -- expected to cost about $102 million -- calls for new rides, a midway and a food court.
The owners also plan to add a restaurant/nightclub and turn it into a non-casino attraction that will be open nearly year-round.
The loan approval was one of several acts the CRDA took Tuesday.
It also approved $1.2 million to buy 990 trash and recycling bins for the Boardwalk and other Tourism District areas. Another $1.7 million will go toward the ongoing demolition of dilapidated properties.
(Copyright 2012 by The Associated Press. All Rights Reserved.)