Jenkinson's Boardwalk in Point Pleasant Beach, an amusement complex that includes rides, arcades, shops and a giant bar, has agreed to pay up to $1 million in repair costs not covered by FEMA to fix the boroughs damaged boardwalk.
In exchange, the borough will rescind its midnight bar closing ordinance, even though it was not enforced last summer.
"It is vital to our business to have the boardwalk open, running before the summer, and not just to Jenkinson's, but the local and state economy," said Toby Wolf.
Jenkinson's has also agreed to drop its lawsuit over parking restrictions imposed in an effort to curb rowdy bar crowds heading into neighborhoods at closing time.
The mayor says the midnight bar closing ordinance is no longer necessary because parking restrictions have worked.
With a price tag of about $4 million to repair the mile-long boardwalk, he says he appreciates Jenkinson's help with the recovery.
"Really what it is doing is saving taxpayer dollars, because otherwise we had to put it back together. So if they didn't come in and put their money up, it would have been taxpayer dollars that funded the difference," said Mayor Vincent Barrella.
"I guess whatever's got to be done," said John Aleffi. "This is unusual times and whatever's got to be done to make it right I think that's the right way to go."
The mayor says engineers have told him it will be possible to repair the boardwalk near most of the businesses by Easter and the entire boardwalk by Memorial Day.