Post by Logan on Jan 26, 2016 23:08:07 GMT -6
ATLANTIC CITY, N.J. (AP) -- New Jersey Gov. Chris Christie said Tuesday the state will assume vast control over Atlantic City's finances and decision-making, saying the seaside gambling resort is incapable of getting its finances together after years of overspending.
Christie, a Republican presidential candidate, was joined by the Democratic leader of the state Senate, who has already introduced a takeover bill, and the Republican mayor of Atlantic City, who reluctantly went along with the plan.
"Atlantic City's government has too much debt and it's too expensive to run for the tax base it has," Christie said. "Atlantic City's finances are now the greatest threat to the city's well-being. The urgency of the city's current financial predicament cannot be overstated."
Christie and Senate President Steve Sweeney said the takeover bill in the Legislature will be amended to incorporate elements of a financial assistance package the governor vetoed last week. That includes a provision to let the city's eight casinos make payments in lieu of taxes and prohibit them from appealing their taxes.
Read more: hosted.ap.org/dynamic/stories/U/US_ATLANTIC_CITY_TAKEOVER?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-01-26-22-56-12
Christie, a Republican presidential candidate, was joined by the Democratic leader of the state Senate, who has already introduced a takeover bill, and the Republican mayor of Atlantic City, who reluctantly went along with the plan.
"Atlantic City's government has too much debt and it's too expensive to run for the tax base it has," Christie said. "Atlantic City's finances are now the greatest threat to the city's well-being. The urgency of the city's current financial predicament cannot be overstated."
Christie and Senate President Steve Sweeney said the takeover bill in the Legislature will be amended to incorporate elements of a financial assistance package the governor vetoed last week. That includes a provision to let the city's eight casinos make payments in lieu of taxes and prohibit them from appealing their taxes.
Read more: hosted.ap.org/dynamic/stories/U/US_ATLANTIC_CITY_TAKEOVER?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-01-26-22-56-12