The Atlantic County Improvement Authority has voted to issue as much as $145 million in bonds for the Stockton University portion of the Atlantic City Gateway Project, with a maximum of $60 million guaranteed by county government.
Stockton will guarantee up to another $85 million, said ACIA Director John Lamey after the authority took public comment and a vote on the bonds Thursday.
South Jersey Gas‘ new $50 million headquarters is also part of the A.C. Gateway Project, and it was separately awarded about $12 million in state tax credits. But county and ACIA officials stressed none of the ACIA bonds and none of the county guarantees will be used for any part of the South Jersey Gas building.
It is being constructed on top of a $35 million, 886-space parking garage that is part of the Stockton project. The garage portion is in part funded by bonds under the county guarantee.