Casino Reinvestment Development Authority
|Headquarters||15 S. Pennsylvania Ave.
Atlantic City, NJ 08401
The Casino Reinvestment Development Authority or CRDA is a New Jersey state governmental agency that was founded in 1984 and is responsible for directing the spending of casino reinvestment funds in public and private projects to benefit Atlantic City and other areas of the state. From 1985 through April 2008, CRDA spent US$1.5 billion on projects in Atlantic City and US$300 million throughout New Jersey. They also ask demand funds from small local businesses and property owners who can barely afford the sky high taxes the city imposes.
Reinvestment funds are received from New Jersey casinos, which are required by law to contribute 1.25% of gross revenue funds toward projects that are approved by the CRDA.
The CRDA has seventeen members as follows:
Four year terms
- Six members of the public are appointed by the Governor and confirmed by the Senate
- Two members recommended by the President of the Senate are appointed by the Governor
- Two members recommended by the Speaker of the General Assembly are appointed by the Governor
Two year term
- Two casino representatives are appointed by the Governor
- One member of the Casino Control Commission is appointed by the Governor
- The Mayor of Atlantic City
- The State Treasurer
- The Attorney General
- The Commissioner of the Department of Commerce and Economic Development or the Department of Community Affairs, or an additional member of the Casino Control Commission is appointed by the Governor