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Lawmakers re-do Atlantic City takeover, casino tax bills

Local News | Feb 18, 2016

Lawmakers re-do Atlantic City takeover, casino tax bills

ATLANTIC CITY, N.J. (AP) — What once was billed as a state takeover of Atlantic City is now being sold as an “intervention.” New Jersey lawmakers on Wednesday announced what they called a cooperative effort between the state and city to get the resort’s troubled finances under control. But the bill would still give the state vast authority over Atlantic City’s finances, including the right to renegotiate debt, break contracts, dissolve boards or agencies, sell of city assets, and file for bankruptcy. Lawmakers also re-introduced a bill vetoed by Gov. Christie that would let Atlantic City’s eight casinos make payments in lieu of taxes in return for not appealing their property taxes. It also would redirect casino payments that once went toward development projects in Atlantic City to paying down the city’s debt.