Asbury Park council unanimously backs EDA tax-credit support and orders repair plans for boardwalk structures

Asbury Park's mayor and council voted unanimously at the special waterfront meeting to back two measures intended to accelerate action on deteriorating boardwalk buildings.

First, the council adopted Resolution 2026125, which formally supports Madison Asbury Retail's pending applications to the New Jersey Economic Development Authority for preservation and cultural-arts (CAF—9) tax credits and asks state officials to consider the applications in light of the complex's historic significance. The motion passed with recorded "yes" votes by Council members Anderson, Chapman and Clayton, Deputy Mayor Quinn and Mayor Moore.

Second, the council approved Resolution 2026126, a city request that Madison Asbury Retail provide specific repair plans, schedules and a structural report for the boardwalk arcade (the breezeway/Grand Arcade), the casino-adjacent structure, the carousel house and the power plant. The resolution asks M to submit project descriptions and a schedule of values for verification by city engineers and to permit the city to negotiate subsequent development agreements where the 2010 contract requires a separate agreement.

Vote and procedure: For Resolution 2026125, the meeting record shows a motion and a second, with subsequent roll-call votes recorded as "yes" by all five council members present. The record for Resolution 2026126 likewise records unanimous approval. The council indicated that, should M fail to provide signed documents tied to the $11.7 million Paramount subgrant or otherwise fail to meet verified milestones, the city could return state grant money rather than disburse it to the developer.

What the resolutions do and do not do: The endorsement of EDA applications does not transfer state funds to M automatically; EDA approval, equity commitments by the recipient, and federal/state procedures remain necessary. Likewise, the resolution requiring M to produce repair schedules compels the city to seek those documents but does not unilaterally change existing contractual remedies in place under the 2010 agreement. Counsel said the city will pursue independent legal review where stakeholders disagree about contract coverage (for example, whether the 2010 agreement governs the casino building).

Next steps: City staff said they are awaiting project exhibits and a schedule of values from M that will attach to the Paramount subgrant addendum; the council signaled it may vote to approve the subgrant addendum if engineering and legal reviews are satisfactory and if the paperwork arrives as promised ahead of the next meeting.