The National Aviation Research and Technology Park will be a 7-building campus adjacent to the Federal Aviation Administration’s William J. Hughes Technical Center in Egg Harbor Township, dedicated to facilitating research and development, innovation and commercialization of emerging aviation technologies. In 2020, the Atlantic County Improvement Authority completed construction on the first building in the NARTP and the ACIA now leases space in the approximately 56,000 square foot building to companies in the aviation industry. The ACIA and Atlantic County expect the NARTP to serve as a catalyst in the effort to diversify the economic base in the County and encourage new and innovative industries.
McManimon, Scotland & Baumann advised the ACIA in negotiations with Atlantic County, Stockton University, the Casino Reinvestment Development Authority and the FAA, and represented the ACIA in financing the first building, which included debt issued by the ACIA and the County, and a loan from CRDA. We also represented the ACIA in negotiations with many of the current tenants in the facility.