By Associated Press - Wednesday, September 28, 2016

ATLANTIC CITY, N.J. (AP) - The Casino Reinvestment Development Authority says the Steel Pier’s observation wheel should start spinning again in Atlantic City by July Fourth.

The Press of Atlantic City (https://bit.ly/2d9Iqbd ) reports that CRDA officials announced Monday that the agency has restructured its loan with Steel Pier. They say the wheel should be running by July 2017.

Pier President Anthony Catanoso says he’s hopeful the 200-foot-high wheel will be a draw before that point next summer. Catanoso says he’d like to see it in operation by Memorial Day.

Officials say the restructured loan pays off a financing company that had threatened to repossess some rides on Steel Pier.

The 42-car, climate-controlled wheel was made in Italy and has been delayed repeatedly since plans were first announced in 2013.

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Information from: The Press of Atlantic City (N.J.), https://www.pressofatlanticcity.com

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