The Atlantic County Improvement Authority voted Thursday to start the bonding process to help finance an island campus for Stockton University and the start of the Stockton Aviation Research and Development Park in Egg Harbor Township.
The bonds would cover $50.4 million of the cost of the island campus at the AC Gateway site in the Chelsea section of Atlantic City, and $15.5 million of the aviation park’s first building, according to officials.
The island campus bonds would be repaid with the proceeds of the sale of state tax credits, and the park building bonds would be repaid with tenant rent payments.
Christopher Paladino of Atlantic City Development Corp., also called AC Devco, said the total AC Gateway project cost is $203.8 million, including a new headquarters for South Jersey Gas.
The project includes a 56,000-square-foot academic building, beachfront student housing for 500, an 886-space shared parking garage with a new headquarters for SJ Gas atop it, and retail space.