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NEWS
April 11, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - Atlantic City ran out of cash Friday after delivering paychecks to its public employees and won't have any more money until second-quarter tax receipts flow in May 2. Credit agencies have repeatedly downgraded the city's general obligation bonds and have warned investors that the resort town may default on its debt payments this year, or even go bankrupt. So why haven't Gov. Christie and the state's legislative leaders enacted a plan to stave off a financial disaster that could have ripple effects on other distressed municipalities?
NEWS
April 9, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - The momentum building in the Statehouse to take over Atlantic City's government slowed Thursday, as Assembly Speaker Vincent Prieto proposed his own plan to rescue the financially struggling resort town and defied calls from Gov. Christie and South Jersey Democrats to adopt a more aggressive approach. Prieto's plan, which advanced Thursday on a 7-0 vote of the Assembly Judiciary Committee, would forestall key elements of Christie's proposed state intervention from taking effect unless the city fails to meet annual fiscal benchmarks.
NEWS
April 8, 2016
ISSUE | ATLANTIC CITY Neighbors socked Tuesday's editorial, "How to help Atlantic City," said that a state bill "would stabilize local finances by allowing the casinos to make predictable payments in lieu of property taxes. . . . " The payments in lieu of property taxes (PILOT) bill would stabilize taxes for the eight casinos for a decade, but it would do the opposite of stabilizing local finances for everyone else. If enacted as a companion to a bill enabling a state takeover of Atlantic City, it would surely raise real estate taxes in Atlantic County - except for the casinos.
NEWS
April 8, 2016 | By Amy S. Rosenberg, Staff Writer
ATLANTIC CITY - Gov. Christie said he felt as if he were in Alice in Wonderland . "As I was flying in here, I was thinking to myself, I'm going into the land where up is down and down is up," he said. Christie did land in Atlantic City on Wednesday, but did not meet with Mayor Don Guardian. Instead, he met with County Executive Dennis Levinson and held a news conference in the County Office Building, just across the courtyard from City Hall.  "There's no purpose in meeting with a liar," Christie said.
NEWS
April 8, 2016 | By Melanie Burney, Staff Writer
A redevelopment plan is in the works again for the old Pennsauken Mart site on Route 130. Camden County officials are close to finalizing an agreement with a developer to build apartments on the vacant 35 acres, said county spokesman Dan Keashen. "It's pretty transformative," he said in an interview Wednesday. "We're finally there. " An announcement is expected possibly as early as Thursday. Details about the proposal were not available. The plan calls for retail space as well as apartments to attract young professionals and young families.
NEWS
April 7, 2016 | By Amy S. Rosenberg, Staff Writer
ATLANTIC CITY - The bad news keeps piling up for Atlantic City, just days from running out of cash. A day after the State of New Jersey filed suit to compel the city to turn over tax payments due to its school district on April 15 before it meets its own payroll, a judge issued a ruling that opens the door to still more court battles with Borgata Hotel & Casino over past tax appeals. Atlantic County Superior Court Judge Julio Mendez ruled the city had violated a settlement agreement to repay $88.2 million to Borgata for appeals filed for the years 2011, 2012, 2013, and 2014.
NEWS
April 6, 2016
Maybe Gov. Christie was bluffing, but his threatened opposition to North Jersey casinos would do more good for Atlantic City's flailing economy than the takeover bill he was pushing. More casinos will only accelerate Atlantic City's losses and make a rebound that much more difficult. Facing heightened casino competition in nearby Philadelphia and New York, four of Atlantic City's 12 casinos were shuttered in 2014, and the losses cascaded into a fiscal crisis so severe that the city could run out of cash Friday.
NEWS
April 6, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - New Jersey's political impasse over how to rescue Atlantic City is risking the state's reputation as a reliable financial backstop for distressed municipalities and threatens to plunge the resort town into a bankruptcy that would affect cities across the state. Even with Atlantic City projected to run out of cash soon, the state's leaders continued to spar Monday and reported no progress on a proposed intervention. Moody's Investors Service downgraded the city's general obligation debt rating, citing a possible default within the next year and an "ongoing political stalemate" in the Statehouse.
NEWS
April 4, 2016
ISSUE | ATLANTIC CITY Dangerous state plan Gov. Christie wants to take over Atlantic City ("A.C. unions voting on plan for delayed pay," Thursday). Look at Flint, Mich., and ask, "What could possibly go wrong? |Roy Lehman, Woolwich
NEWS
April 4, 2016 | By Andrew Seidman, TRENTON BUREAU
South Jersey lawmakers warned the state Assembly speaker Sunday that his refusal to consider a state takeover of Atlantic City would result in "a catastrophic knock-down blow to the people of Atlantic City, Atlantic County and the region. " The letter from South Jersey's Democratic legislators, including Assembly Majority Leader Louis D. Greenwald (D., Camden), to Assembly Speaker Vincent Prieto (D., Hudson) was sent as Atlantic City is set to run out of money this week, possibly closing government for nonessential employees.
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