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Revel allowed access to funding15 January 2008ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "The city's Housing Authority has dropped a reverter clause from its agreement with Revel Entertainment Group, allowing Revel access to millions of dollars in financing to build a planned $2 billion casino, officials with the agency say. "The move comes just days before a planned special meeting of City Council where it was to consider stripping the authority of its redevelopment powers over the issue. "Dennis Ricci, the authority's executive director, agreed Monday to remove the clause, making available $53 million Revel's financiers are holding in escrow, according to Housing Authority Commissioner Mark Hamilton. "Officials with the authority met with Mayor Scott Evans on Monday afternoon to discuss the situation and the harm the clause could do to Revel's project, currently under construction in the South Inlet. "...The authority's decision Monday is a complete turnaround from last week, when they voted unanimously against removing the reverter clause, which is normally included in authority agreements to ensure that developers move forward with construction in a certain time frame, otherwise the land reverts to the Housing Authority..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |