An economic package designed to help pull Atlantic City out of its financial crisis will be voted on next month. The main piece of this legislation is a payment-in-lieu-of-taxes plan, or PILOT program. This plan is designed to stabilize Atlantic City’s balance sheet, even as property values continue to struggle.
If passed, casinos would pay a flat $150 million annually for two years. Then the casinos would cough up $120 million a year for the next 13 years.