The Convention Hall application

Where it stands

Applicant

Madison Asbury Retail, LLC (MAR); title held by Madison Asbury Convention Hall LLC (MAC)

Property

1300 Ocean Avenue — Convention Hall, Paramount Theatre, Grand Arcade (Block 4502, Lot 1.1)

Application

CAPP-00041528, submitted to NJEDA June 13, 2025

Municipal support

Mayor's letter of support dated May 7, 2025

Board action

August 20, 2026: $75,000,000 CAFE award approved, subject to conditions

Total project cost presented

$150,015,586 (CAFE-eligible costs $128,115,586)

The application file

Portal duplicates have been collapsed; original file names and form labels are preserved on each record. Each document opens to its own page with the original file and searchable text.

August 2026 award — Convention Hall complex

What NJEDA confirmed at its August 20, 2026 Board meeting, based on the staff presentation, the captured slide, the meeting transcript, and NJEDA's published CAFE rules.

Confirmed project economics

These amounts should not simply be added together to produce a larger project total. The $106 million is bridge financing, the $21.9 million is property value rather than new cash, and tax-credit proceeds become available at different points in the transaction. NJEDA said approximately $4.97 million of the federal Historic Tax Credit proceeds would be available at the start, with the remainder available after construction.

Other credits and equity

• The federal Historic Tax Credit is real, not hypothetical. NJEDA said the applicant qualifies as a for-profit cultural arts institution under CAFE because it is receiving the federal Historic Rehabilitation Tax Credit, and that the applicant had provided a Part 2 Federal Historic Preservation Certification application.
• The applicant also has a pending application under New Jersey's Historic Property Reinvestment Program (HPRP) seeking $8 million in State Historic Tax Credits. That application had not been approved at the time of the CAFE vote.
• NJEDA imposed a special condition requiring additional HPRP materials by March 1, 2027, and HPRP approval within 12 months of the CAFE approval. A future HPRP award would result in a dollar-for-dollar reduction of the CAFE award.
• CAFE requires applicant equity of at least 20% of total project cost, or $30,003,117 for this project. NJEDA counted the $13 million Asbury Park Boardwalk subgrant, approximately $19.9 million in federal Historic Tax Credit value, and approximately $21.9 million in property value toward that threshold, concluding the project exceeds it.
• The public presentation does not establish clearly how much new cash equity Madison is contributing from its own balance sheet. That figure should not be stated unless the full sources-and-uses or closing documents are obtained.

Monetization, diligence, and construction

Accountability built into the award

• The $75 million is not paid before construction.
• Project costs must be certified, with an independent CPA participating in cost certification.
• NJEDA reviews compliance before issuing credits.
• Labor and other program requirements must be satisfied.
• Credits are paid over five years rather than immediately, with annual certifications.
• Public-use requirements continue after construction.
• Noncompliance can result in forfeiture or recapture.

NJEDA Board members specifically raised public accountability concerns during the August 20 meeting, and NJEDA staff responded that these safeguards were built into the program and the project conditions.

What the public record does not yet establish

• The exact amount of new cash equity being contributed by Madison.
• The full permanent sources-and-uses after the bridge loan is repaid.
• The exact security and collateral package behind the $106 million bridge loan.
• The identity and economics of the eventual venue operator.
• The final construction budget by building and trade.
• The final treatment of the pending HPRP application.
• The precise City agreements, amendments, estoppels, or lender consents that will accompany financing.
• The final long-term maintenance reserve and capital-replacement structure.

Bottom line from the public record: NJEDA has approved a $75 million performance-based State tax credit toward a roughly $150 million rehabilitation of Convention Hall, Paramount Theatre, and the Grand Arcade. The project also includes a $106 million bridge loan, $13 million of Asbury Park public funding, approximately $19.9 million of federal Historic Tax Credit value, existing property value, and a pending $8 million State historic-tax-credit application. The credits are not paid up front. Construction and costs must be completed and certified, and continued public-use and compliance requirements apply for years afterward.

What the file does not yet contain

Records referenced in the application or the Board action that are not in the archive. If you hold one, add it.

• The default notices issued on the Convention Hall parcel, referenced in the application materials.
• The October 31, 2023 memorandum of understanding between the City and Madison Asbury Retail.
• The March 5, 2024 City Council records accepting the Boardwalk Preservation Fund award.
• The complete federal historic tax credit application (Parts 1 through 3) for Project 47400.
• The Severance Lease referenced in the ownership materials.
• Project financial statements, the sources-and-uses, and the financing-gap analysis submitted to NJEDA.
• The State–City subrecipient agreement for the Boardwalk Preservation Fund award.
• NJEDA's approval letter and the executed tax credit agreement following the August 20, 2026 Board action.