Billionaire could get $5.6M in state funds for Trump Plaza demolition

By The Associated Press|

This April 24, 2015 photo shows tourists walking past the shuttered Trump Plaza casino in Atlantic City N.J. The Casino Reinvestment Development Authority on Tuesday approved giving Carl Icahn $56. Millions of the $13.2 million it will cost to demolish the former hotel. AP Photo/Wayne Parry)

ATLANTIC CITY — A New Jersey redevelopment agency has given preliminary approval to a $5.6 million payment to billionaire investor Carl Icahn to help pay for the demolition of part of Atlantic City’s former Trump Plaza casino.

The Casino Reinvestment Development Authority on Tuesday determined that a request by Icahn to use funds from state-mandated casino investment alternative taxes toward the $13.2 million demolition cost would qualify for assistance, pending a final determination.

A lawyer for Icahn said one of two hotel towers and a bridge would be razed. Authority officials say the demolition will make way for new development at the heart of the resort city, although no specific proposals have been offered.

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Source: AP/NJ.com

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About Cholo Brooks 5288 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists.