NJ Gov. Chris Christie speaking with Atlantic City Mayor Lorenzo Langford
Since July, when Governor Chris Christie held a Boardwalk news conference proposing that the state take over running Atlantic City’s tourist districts, little has happened to make the proposal a reality.
But now, the state is taking over something in Atlantic City — managing the city’s finances — and gaining some control of how the city is run.
The state will help Atlantic City cover a $9.5 million budget deficit, but in return will get oversight of the city’s financial management.
Officials call the deal, struck Monday, a “partnership,” and not a state takeover.
The city is "at a crossroads where its revitalization and its future as a resort destination are now taking shape," Christie said in a statement. “This is not the time, nor is it the right message to be sending, for Atlantic City to be imposing burdensome tax increases on its citizens and business community.”
According to the Philadelphia Inquirer, the city will team with the state Department of Community Affairs, which will "help Atlantic City through this difficult period" and allow it to "improve and maximize its management and fiscal policies so it is the best positioned for revitalization and long-term prosperity," Christie said.
The agreement, signed Monday, allows for monitoring of all city finances.
City Mayor Lorenzo Langford characterized the role of the DCA's Local Finance Board as "advisory rather than compulsory," and called the arrangement "the best plan for the city."
"I see this as a partnership," Langford told the Inquirer Tuesday. "This is not a takeover. This is a win-win for both the city and for the state."
According to the paper, before the agreement, the city had requested a waiver to the cap on property-tax increases that would have resulted in homeowners' paying as much as $253 more on the average assessed property. Now they will pay about $157 more under a revised waiver.
The vote is in on several bills that went to the New Jersey State Legislature yesterday (Monday, Nov. 22) involving Atlantic City. First, however, came the news that the primary bill ...
The bills create a CRDA run tourism district encompassing the city's casinos.
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