“What will it take to save Atlantic City & Atlantic County?” Carlo Losco placed a full page ad in a local paper earlier this year, asking that simple question. Losco; President of Balsley-Losco Real Estate provided a simple action plan that begins with the premise: we need to stop the out-flow of casino tax dollars that goes to the state.
Listen to Losco’s appearance on the Mel Taylor WPG Talk Radio 1450am show. OCT 16, 2015. Click to listen below.
Losco is a life-long area resident. A Realtor for over 38 years. Born and raised in Atlantic City. Although these ideas may seem bold or unrealistic to some, Losco feels they ‘re justified. Local and state representatives need to get these proposals to the state level before November elections rolls around.
Atlantic County has yet to recover from the financial crisis of 2008
- 12% unemployment
- highest foreclosure rate in the country
- Over-reliance on Casinos
We are left to watch casino operators invest their billions elsewhere, while North Jersey is primed to become our biggest competitor. Where are the bold proposals and initiatives that will bring permanent growth back to our area? See ANGELO ANGELOU report.
Why are elected officials not camped out on the state house steps day and night with emergency proposals?
There are some great and exciting projects on board for Atlantic City. Losco: ‘I applaud the Mayor and various officials for their efforts; but these projects won’t generate nearly enough action or revenue to bring back the jobs we have lost, and certainly not what we need to maintain the county real estate tax base or property values’.
Losco continues: Most of these projects and venues will be seasonal, not year-round, and will not create the solid employment base we need to recover or stabilize our area.
Carlo Losco Action Plan to Turn Around Atlantic City & Atlantic County:
- Designate Atlantic County an Urban Enterprise Zone (UEZ) 3% sales tax outside of AC.
- Relax restrictions on size of casinos & related development requirements.
- Allow all types of gaming venues to operate, similar to those in Nevada.
- Permit smaller properties to be developed for gaming without requirement for hotel rooms, without limits on number of properties that can open.
- Provide state / local tax credits to developers & casino operators based on number of jobs created at a local operation
- Redirect state tax revenue derived from casinos in AC, back to AC. Place in reconstruction fund designated to build & maintain roads, schools, housing and infrastructure.
- Help fund our county budget.
- Subsidize bus, rail, and air travel to A.C. through redirection of casino tax dollars to attract carriers, providing long term consistent access to our region from around the country.
- No state sales tax for purchases in Atlantic City
- Reduce state income tax to 3% to Atlantic County residents over 62 to stop out flow of retiree’s $ to other states.
- Attract seniors from around the NJ to homestead in Atlantic county. Add fixed Homestead realty tax rate as long as they maintain NJ residency in Atlantic County.
- Redirect 50% of all casino tax revenue collected by state from gaming companies permitted to operate outside Atlantic City, reinvesting those revenues back into the Atlantic City redevelopment fund, unless that entity simultaneously opens a casino or gaming venue of any size in AC.
- Provide building tax credits and abatements to developers creating housing units for relocating AC residents, substantial commercial development, and senior housing.
- Utilize a portion of the monies in the revitalization fund to give property tax rebates to all Atlantic County residents.
- Invest a portion of these funds to put a police officer on every corner in in the casino district to keep the visitors who come to AC feeling safe day or night. ·
- Establish benefits and retirement plans that casino operators must provide to casino employees.
- Provide an $8000.00 state tax credit for anyone purchasing a primary home in Atlantic County and a $15,000.00 tax credit to seniors.
- Create Atlantic County resident discount card program to receive discounts on purchases from participating businesses within Atlantic County.
These proposals will help lure the billions of dollars away from the neighboring states that are competing with us for gaming revenues and will stabilize our region for many years to come; provided that a clear and transparent plan is put into place to spend the revenue wisely on projects that will benefit all of the residents in Atlantic County.
Let’s hold those accountable to do the jobs they were elected to do: bringing home the bacon, and to work as hard on solutions as they do on their own elections. Asking State Representatives, all mayors, freeholders, councilman of every municipality and business leaders to sign a pledge to craft the necessary bills containing the proposals I have put forth.
Carlo Losco, President, Balsley-Losco Real Estate and Insurance
