Watch Video > In Trenton today, Senate President Sweeney, Atlantic City Mayor Guardian and Governor Christie came to a tentative agreement. Looks like Atlantic City will get that financial rescue package, in exchange for giving the state more control.
Part of the deal: the NJ state Local Finance Board and Local Government Services will restructure the city’s debt. They might even consolidate and privatize municipal services as well. The goal is to “stabilize the city’s financial future,” said Gov.Christie.
Mayor Guardian agrees that the city needs some state help. Key assist needed: restructure debt, negotiate property tax appeals, re-negotiate union agreements.
A version of the PILOT bill will still exist. This would end casino tax appeals.
If signed off on, the proposed agreement will cap state control of Atlantic City for no more than fives years, not the fifteen originally proposed.
Partnership, agreement, solution, compromise. Whatever you call it, we see it as potential closure for this tumultuous chapter in the re-invention of Atlantic City.