Atlantic City Raw. Uncomfortable facts revealed. What kind of important stuff is overlooked about by Atlantic City media? Apparently, a truck load.
Jim Kennedy from @ACEconPolicy is one of a few that digs up those buried facts that local leadership would prefer you didn’t know. Here’s a few of Jim’s latest finds:
Why would any campaign spend $350,000 to elect someone Atlantic City Mayor. [Gilliam Primary Election-$107,555 Gilliam General Election $243,471]
The AC City Council 1/1/18 agenda had a resolution authorizing more borrowing. Atlantic City’s 2018 debt service is $34.7 million. It’s up from $29.1 million in 2017. City Council is about to add $55 million in new debt to the almost $500 million in existing debt. It may be impossible to dig out of Atlantic City’s financial hole. Atlantic City blew through their debt ceiling last year.
Atlantic City 2018 Municipal Budget: In order to balance, it will require minimum of $80 million package of state aid and deferred charges. Gov. Murphy may end the state takeover, but he won’t end state financial control.
Gov Murphy’s state bank could solve cannabis business problems. http://www.njbiz.com/article/20180102/NJBIZ01/180109982/murphys-state-bank-could-solve-cannabis-business-problems-brach-eichler-says … via @NJBIZ
Atlantic County Judge Menedez is likely to issue his opinion this week on constitutionality of Casino PILOT Law.
Every fiber of his judicial being is going to want to rule it constitutional. But his instincts to avoid bedlam shouldn’t be enough to mute Uniformity Clause
Reading Eagle Newspaper: “Reading is a gambling town, always has been,” says Mayor Wally Scott of the city’s efforts to land a mini-casino. He believes people will stop taking buses to Atlantic City, N.J., and head for a downtown casino.
Borgata’s property value dropped by about half. AC Residential Property value dropped by about half. Borgata’s genius was structuring Casino PILOT to shift the repayment of Borgata property tax refund to residential taxpayer.
Expressway October traffic into Atlantic City was down -5.7% from prior year. Casino October parking revenue was also down for the month.
The Chelsea Hotel was purchased by IEP Morris (Carl Icahn), In July 2017 title was transferred to Tropicana (Carl Icahn).
Tropicana purchase of Chelsea Hotel takes that property off of ATLANTIC CITY tax roles. It becomes part of the Casino PILOT.
Atlantic City residents provide only 19.6% of the AC Casino workers. Borgata actually employs 147 more workers from EHT than AC.
Atlantic City is all about casino employment in mostly service industry working class jobs. For non college educated workers 21st century casinos replace 19th century factory’s as workplaces. Which explains why AC has had the feel of a shut down steel mill town.