| Sept 19
Sept 19 New Jersey's Stockton University is
ramping up plans, including a bond sale this week, to build a
$178 million campus in Atlantic City, the state's financially
distressed gambling hub.
The Atlantic County Improvement Authority will issue nearly
$128 million of municipal bonds on Thursday for Stockton
University to fund construction of a new campus in the seaside
resort town, according to a bond document released on Monday.
The campus will include a 56,000-square-foot academic
building, residential housing for more than 500 students and
nearly 900 parking spaces.
Local officials are hopeful the development will bring
much-needed economic activity to the area. Atlantic City is
facing a possible state takeover if it cannot soon craft a
financial recovery plan, and last week it violated one of the
terms of a $73 million bridge loan from the state.
Four of the city's eight casinos closed in 2014, leading to
thousands of job losses and a shrunken property tax base. A
previous plan by Stockton to turn one of the city's shuttered
casinos into a university campus fell through.
The two-part bond deal on Thursday includes $77.2 million of
general obligation lease revenue bonds backed by the
university's rent revenues and insured by Assured Guaranty
Municipal Corp. through lead underwriter Citigroup.
The remainder are county guaranteed revenue bonds backed by
economic tax credits.
(Reporting by Hilary Russ; Editing by Dan Grebler)