ATLANTIC CITY, N.J. (AP) — 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 approved a request by Icahn to use funds from state-mandated casino investment alternative taxes toward the $13.2 million demolition cost.
A lawyer for Icahn says 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 put forth.
The agency still has to hold a hearing to examine benefits of the request and decide on whether to ultimately grant it.