Atlantic City agrees to state takeover

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

advertisement | advertise on News 12

Trending Video

1 Rangers riding 3-game winning steak into 2nd round of playoffs
Tech Check for Tuesday March 7, 2017. 2 Tech Check - April 26, 2017
Hoboken police two men assaulted a woman and 3 Hoboken police seek ID of robbery suspects
4 Rangers riding 3-game winning steak into 2nd round of playoffs
Ruben Mondalto was able to wander away from 5 Toddler wanders away from Sayreville day care

advertisement | advertise on News 12


It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.