By Assemblyman Vince Mazzeo and Mayor Marty Small
2021 promises to be a year of recovery for Atlantic City.
With COVID-19 vaccines expected to become widely available at some point this year, we can look forward to the day the virus is no longer a massive threat to public health. We may ease back into a semblance of life we once considered “normal.”
The end of this public health crisis, however, will not immediately mean the end of the economic crisis it caused. Residents and workers of Atlantic City know all too well how severely the local economy – driven largely by the hospitality, restaurant and entertainment industries – has been impacted by the pandemic.
Before COVID-19, Atlantic City was on the road to recovery from years of fiscal turmoil. We were making progress to diversify our economy, revitalize the casino industry and improve our infrastructure. To say the pandemic has put some bumps in the road would be a massive understatement. We will overcome these obstacles, learning from our past to build a brighter future.
Legislation recently passed by the State Legislature and signed into law marks a critical first step in Atlantic City’s economic recovery and growth on the other side of the pandemic.
The New Jersey Economic Recovery Act implements two programs that will directly and positively impact Atlantic City. The first, called the New Jersey Aspire Program, will award tax credits to qualifying developers to build residential, commercial and mixed-use projects. It will help advance redevelopment projects facing financing gaps or those that would not be economically feasible without assistance. In the interest of transparency and equity, the value of credits will be capped and developers will be held to strict financing, environmental and workforce standards. Getting these projects off the ground will spur the city’s revitalization and create countless jobs.
The second initiative, known as the Emerge Program Act, will aid companies looking to expand or relocate to New Jersey. Eligible businesses would apply to enter project agreements aimed to create and retain jobs. This will come as welcome news to Atlantic County, where one in three people were out of work last June due to COVID-19.
We know there are still many tough days ahead. That’s why it’s so important that we lay the groundwork for programs that will breathe new life into our economy and get people back to work.
Our wishes for a healthy New Year include a local economy brimming with opportunity, development and community investment. At the end of this long road of recovery is a prosperous future, and we will get there together.
Assemblyman Vince Mazzeo (D-Atlantic) represents the 2nd legislative district, spanning Atlantic County, in the General Assembly. He is a prime sponsor of the New Jersey Economic Recovery Act of 2020.
Atlantic City Mayor Marty Small has served as mayor since 2019. He was previously city councilman for 16 years and member of the Atlantic City Board of Education for two years.
