Governor Jon S. Corzine

GOVERNOR CORZINE CEREMONIALLY SIGNS SPORTS & ENTERTAINMENT DISTRICT URBAN REVITALIZATION ACT

MILLVILLE -- Governor Jon S. Corzine today ceremonially signed the Sports and Entertainment District Urban Revitalization Act, which paves the way for a New Jersey Motorsports Park in Millville.
“With this legislation, we’re paving the track to the New Jersey Motorsports Park, and we’re giving Millville and Cumberland County the magnet project it needs to attract new businesses, new investments, and new, better-paying jobs,� said Governor Corzine during an event at Wheaton Village in Millville. “This is great day for Cumberland County, for working families in South Jersey, and for the state.

The New Jersey Motorsports Park, featuring Thunderbolt Raceway, is located on 707 acres of land owned by Millville. According to Rowan University Center for Innovation and Entrepreneurship’s economic analysis, within the first five years of operation, the project will have an estimated $229 million economic impact and the creation of more than 6,000 jobs within the greater Cumberland County area.

The Sports and Entertainment District Urban Revitalization Act authorizes the governing body of an eligible municipality to establish a sports and entertainment district within that municipality in order to encourage and promote the development of a project within the district. Eligible municipalities would be authorized to impose new taxes on certain activities occurring within the district that would be dedicated to fund the bonds supporting the financing of the sports and entertainment facilities and any associated infrastructure.

The bill, A3835, was sponsored in the Assembly by Assemblymembers Jeff Van Drew (D-Cape May, Atlantic and Cumberland), Nelson T. Albano (D-Cape May, Atlantic and Cumberland), Douglas H. Fisher (D-Salem, Cumberland and Gloucester), and John Burzichelli (D-Salem, Cumberland and Gloucester), and in the Senate by Senator Nicholas Asselta (R- Cape May, Atlantic and Cumberland).

“This is one of the biggest economic development initiatives to have occurred in this region since the start of casino gambling in Atlantic City,� said Assemblyman Van Drew. “This is an investment strategy that will produce jobs and enormous economic dividends for Millville, Cumberland County and beyond. This new law allows everyone to say: ‘Racers, start your economic engines.’�

“Millville is uniquely situated to serve as host for tens of thousands of racing enthusiasts,� said Assemblyman Albano. “The unique financing approach provided under this law is the equivalent of giving a checkered flag to new levels of economic activity in this region.�

“Auto racing is a growth sport and its popularity cuts across all ages and income levels,� said Assemblyman Fisher. “It’s time that New Jersey had a quality motorsports racing facility like the one envisioned for Cumberland County.�

“This legislation will help put Cumberland County and South Jersey in the driver’s seat for a wide range of investment possibilities,� said Assemblyman Burzichelli. “The possibilities are enormous in terms of hotels, restaurants, and specialty businesses.�

“The creative financing mechanism provided under this bill will stimulate jobs and growth,� said Speaker Joseph J. Roberts, Jr. “You don’t need to be a racing fan to see that this is a winner for Cumberland County and the entire South Jersey region.�

"It’s wonderful to see eight years of work finally come to fruition. This motor park will be an enormous economic benefit to South Jersey in particular and to the state as a whole, and will be paid for entirely by levies on the users of the facilities inside the motor park,� said Senator Asselta. “The passage of this bill is a win for everyone involved, drivers, fans and property tax payers included."

Millville is the only municipality that currently falls within the statutory eligibility criteria. Governor Corzine officially signed the legislation on January 26.