New State Takeover Proposal Would Give Atlantic City 'One Last Chance'Measure Pitched By Lawmakers Gives AC 130 Days To Fix Finances |
|
A new proposal would give beleaguered Atlantic City a total of 130 days to make serious changes to its finances otherwise the state would take control.
According to a report from the Associated Press, the plan came Wednesday from State Senate President Steve Sweeney. There are currently two bills on the table in Trenton that would have New Jersey take over the seaside town’s finances. One calls for giving Atlantic City up to two years before that would happen.
The new plan from Sweeney comes with a state loan, the report said.
It’s unclear if Gov. Chris Christie will change his position on the plan to help Atlantic City, which is nearly out of money and is in debt. Christie said he won’t let Atlantic City go bankrupt and he wants to take over its finances, but he is against a competing takeover plan from Assembly Speaker Vincent Prieto. Earlier this month, Christie announced that the state is suing Atlantic City.
“For years the Atlantic City government has made bold assertions regarding its ability to solve the problem,” Sweeney told the AP. “Despite those assertions, no solutions have ever been implemented in a material way. Our proposal gives the city one last chance.”
While lawmakers try to hash out a package that would assist the city financially, voters in November will decide if Atlantic City should now lose its monopoly on casinos. Two casinos could be built in north Jersey under that plan, possibly resulting in additional casino closings in Atlantic City, which lost four of its then 12 casinos in 2014.
Image via Pixabay.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
