The VIDEO they didn’t want you to see? Philly.com and The Press of Atlantic City ignored it. To date, ACprimetime is the ONLY local media property to share this REAL STORY. Can ya see why trust in Newspapers is at an all time low?
During the Atlantic City Council meeting on December 14, another awkward financial inquiry was brought up.
‘What happened to $250,000 Atlantic City scholarship fund administered by Schultz-Hill Foundation?’
CLICK TO SEE > Dec 14 2016 City Council of Atlantic City AGENDA ITEMS
This quarter of a million dollars came from the so-called ‘MGM’ fund. Held in escrow, the ‘MGM’ fund was started with a $5 million injection from developers of the Borgata. Monies contained within were to be used for various Atlantic City community projects.
3 approved representatives make decisions as to how those MGM fund dollars are spent. It’s unclear who exactly…..and ultimately…. dispersed portions of that $5 million ‘MGM’ escrow fund. Approval from the following 3 were needed for cash outlays? We think so.
- A representative from MGM / Borgata
- The sitting City Council President ( Speedy Marsh )
- The sitting Mayor of Atlantic City ( Don Guardian )
EDITORS NOTE: The infamous TD BIDCO $3 million looks to have come from that ‘MGM FUND’ account as well. The still elusive TD BIDCO $3 million was supposed to assist small business development in Atlantic City. ACprimetime believes that issue is still in litigation…with potential legal findings being revealed in 2017.
Councilman George Tibbitt: “It’s been over a year and we’re still trying to get information on how that $250,000 scholarship money was spent. We need a complete accounting. Every name of every kid that benefited from that $250,000 scholarship administered by the Schultz-Hill Foundation.”
New Jersey’s Local Finance director (state overseer), Timothy Cunningham was in the front row taking notes. Press of Atlantic City’s Christian Hetrick was sitting next to him. Both seemed intrigued and took notes during this Tibbitt / Marsh exchange.
Councilman Tibbitt: “I want to be sure about every dollar of that scholarship money. None of that money should go towards administrative costs, cars, rent, or anything of that nature.”
Tibbitt: During Atlantic City Mayor Don Guardian’s first year in office, Councilman Marsh was Council President. We gave $250,000 to the Schultz-Hill Foundation. We asked Arch (City Business Manager) and others for a report on the money Council gave to Schultz Hill to administer scholarships.
Councilman William ‘Speedy’ Marsh believes that maybe two kids from Atlantic City benefited from that scholarship fund. ‘$250,000 should’ve been able to help with 10 scholarships‘, says Mr. Marsh. “The money was given to Schultz-Hill to administer because they had an ongoing program of scholarships” says Marsh.
Other Atlantic City Council News: the state, which took over major decision-making powers, delayed two ordinances for further review.
One ordinance would have raised rates and revised regulations for Boardwalk trams.
- Company that manages the Boardwalk Trams wants to increase fares to $4 one way and $8 all day during the summer months. Current fares are $2.25 one way and $5.50 for an all-day pass.
- A new ordinance would allow trams to carry advertisements. The city would receive 50% of advertising revenue.
The other ordinance would have adopted a redevelopment plan for the city’s midtown area.
- Allow amusement uses along the Boardwalk
- Freestanding parking lots between Boardwalk and Pacific Avenue along Indiana Avenue, Dr. Martin Luther King Jr. Boulevard and Kentucky Avenue.