Officials of Atlantic City recently proposed a recovery plan in the hopes of avoiding a financial takeover by the state and correct the city’s financial situation. This plan has been rejected by the New Jersey Department of Community Affairs Commission as it was not likely to be able to achieve financial stability.
Commissioner of the group, Charles Richman, wrote about the financial stability issues with the plan and stated that he would have preferred to leave the management of the recovery for the city within the hands of the municipal officials. However, the Commissioner stated that the problems the city faces did not happen overnight and the leadership of the city has had ample time to be able to improve the financial condition of Atlantic City, yet has not done so in a meaningful way. The city also failed to be able to take the necessary steps to implement plan components within the last 150 days.
Atlantic City has struggled for some time, having seen a major decrease in gaming win over the past few years as well as losing five casinos, which leaves only seven operating in the city today. Currently, Atlantic City is facing around $500 million in debt. As part of the proposed financial plan, the city would lay off as many as 100 employees and try to seek tax settlements from the gaming industry. Officials also listed selling the Bader Field, a former airport, to try and bring in much-needed funds.
Reportedly, Mayor Don Guardian has revealed that the city will appeal the decision by the state due to the rejection of the recovery plan. If a plan is not approved, then it may be that the state will have to take over the finances, which would be for a five year time frame. Other details of the takeover have not been configured as of yet.
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