ATLANTIC CITY - (AP) - Atlantic City has agreed to let thestate takeover the gambling town's troubled finances to help it getback on its feet.

The takeover was announced Tuesday by Gov. Chris Christie andAtlantic City Mayor Lorenzo Langford.

The arrangement will allow the city to spread to its budgetdeficit of $9.5 million over five years, sparing residents andbusinesses a significantly larger property tax increase.

Some of the benefits of state supervision include allowing thecity to defer some expenses. The state may also provide staff andresources to help the city with its finances.

Panel recommends overhaul of NJ gaming, sports Business owners welcome AC takeover Gov. Christie outlines changes for Atlantic City Poll: NJ voters don't support AC intervention