Billionaire could get $5.6M in state funds for Trump Plaza demolition

ATLANTIC CITY -- 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 determined that a request by Icahn to use funds from state-mandated casino investment alternative taxes toward the $13.2 million demolition cost would qualify for assistance, pending a final determination.

A lawyer for Icahn said 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 offered.

"You're taking down a building seen as a potential impediment for future development," said attorney Nick Talvacchia.

Read more: http://www.nj.com/business/index.ssf/2017/11/nj_gives_initial_ok_for_56m_to_help_icahn_raze_for.html