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Council approves Boardwalk Preservation Fund subgrant to Madison Asbury Retail LLC to stabilize Paramount Theatre exterior
Summary
The council authorized a subgrant agreement with Madison Asbury Retail LLC to begin a two-phase project to make the Paramount Theatre structurally sound and watertight using Boardwalk Preservation Fund money (ARP-derived), with a 90-day investigative phase led by historic-preservation consultants and a federal funding deadline of December 2026.
City waterfront redevelopment attorney Joseph Marazzidi told the council the city and the master redeveloper earlier secured $20 million from the Boardwalk Preservation Fund; "the city got $7,000,000 and Master Market got $13,000,000, total of $20,000,000," he said. Marazzidi presented a resolution authorizing the mayor to sign a subgrant agreement with Madison Asbury Retail LLC to begin work on the Paramount Theatre exterior.
Marazzidi described a two-phase approach. Phase 1 is a 90-day investigative and assessment period during which two firms — one identified as Michael Graves (an…
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