In order to try to clear up some of the confusions and distortions made by some, the following are some of the questions that have been posed along with the factual answers for each.

What is an Economic Redevelopment Grant?

The State Economic Redevelopment Grant ("ERG") Program, which is a key part of the New Jersey Economic Stimulus Act, was approved by our Legislature in the summer of 2009 in order to make sure that important redevelopment projects - anywhere in the state - get completed, despite the nationwide economic downturn. The economic grants are only provided, however, when the facility begins operations. Thus, a developer, like Revel, does not "get hundreds of millions of dollars" which it can simply pocket and walk away with without completing a project. The economic grant available to the developers under the law only flows back to them once they have paid the state sales and occupancy taxes in the first place - and that can only happen if the project is completed and operational. The word "grant" is a misnomer; the money comes in the form of tax rebates. It is not a bailout as portrayed by some - the program is based on future tax revenues that the facility is expected to pay so absolutely no existing tax revenue is used to fund the grants.

 What is the net result of Revel's participation in the ERG?

The rebate of taxes to Revel amount to $269 million over a 20-year period. It is anticipated that Revel will be paying $3.18 billion in New Jersey state taxes over the same 20 years. So New Jersey should be getting back more than $10 in taxes for every dollar in grant funds.

Is Revel required to pay property taxes?

Revel has been and will continue to pay property taxes during the construction, before the casino hotel opens. Revel paid close to $9 million in local real estate taxes in 2009 and will be paying almost $14.5 million in real estate taxes in 2010. It is anticipated that Revel will pay $32 million in local real estate taxes the year that it will open, and its real estate tax burden will be even greater in the years to follow.

Has Revel been downsized from its original plans?

Revel is being built in accordance with the redevelopment agreement with the city, as well as the plans that were approved by the Atlantic City Planning Board. It has always been anticipated that Revel would be built in two phases, and construction if the first phase is proceeding according to plan. It was advertised to be 710 feet high, and it is 710 feet high. There has been no departure from plans.

Does Revel plan to be a union shop?

Revel has employed union labor and more than $1 billion has already been spent on the project, with much of the funds going to the paychecks of men and women in a variety of unions. It is anticipated that Revel will operate using all the traditional union bargaining units found at other Atlantic City casino properties. This is undoubtedly one reason why all labor unions (except one) and their members are enthusiastic supporters of the Revel project.

Does New Jersey need Revel to be completed?

Absolutely. We need new development to occur in Atlantic City in order to compete with the changing world of gaming. Competition has made it harder for Atlantic City to market itself as the preferred destination for gambling patrons on the East Coast. Growing the market is essential to help all of the other businesses and casinos in this city. Only by continually improving Atlantic City as a destination resort can we flourish and grow.

We need to get stronger together. Revel will provide thousands of jobs and billions of dollars in state and local tax revenues and is a key component in the continued economic health of Atlantic City and the region.

As always, we welcome discussion about the project or state economic-development and jobs-creation programs, but hope that everyone will stick to the facts during this debate.

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