New Jersey agency OKs Icahn request

icahn trump plaza demolition


The state gave the initial okay for Icahn to obtain US$5.6 million to help the demolition of Trump Plaza.

US.- The Casino Reinvestment Development Authority approved yesterday the request made by Carl Icahn to use a tax fund that casinos help pay for the demolition of the closed facility Trump Plaza. The redevelopment agency gave a preliminary approval to a US$5.6 million payment.

Whilst the total cost of the demolition was estimated at US$13.2 million, the authority approved a request by Icahn to use US$5.6 million. A lawyer representing the businessman said that one of the two hotel towers and a bridge would be erased in the first demolition.

Authority officials believe that the demolition of the closed Trump Plaza will make way for new developments in the heart of Atlantic City, even if no proposals have been presented yet. The agency needs to hold a hearing to see the benefits of the requests and decide if they finally grant the US$5.6 million payment or not.

Whilst the Carl Icahn-owned building has scheduled a timeframe, the property still needs to file a demolition permit with the city, as well as a remediation process for asbestos prior to the destruction. According the Don Guardian, the hotel tower and the garage will not be touched during the procedure. The implosion will come four years after Trump Plaza closed its doors.