Posted on 01/27/2016 3:40:41 PM PST by Olog-hai
Atlantic City's local officials backed a revised plan proposed by New Jersey Governor Chris Christie on Tuesday that called for the city to be rescued through additional layers of state oversight and new revenue sources.
The plan, which Christie introduced with state Senate President Steve Sweeney and Atlantic City Mayor Don Guardian by his side, combines elements of previous proposals to save the distressed gambling hub. [...]
Christie's joint plan on Tuesday, which he said he wants to get cleared by the end of February, would allow the state to restructure city debt and terminate municipal contracts, including with labor unions. Control would last for five years instead of the previously proposed 15 years.
It would allow the state to dissolve city departments, consolidate and privatize municipal services and sell city assets, which were all proposals included in a recent report by the city's emergency manager, Kevin Lavin, about how to turn around the failing city. ...
(Excerpt) Read more at reuters.com ...
I haven’t read the article ... but the words used to WRITE it are just bizarre !
“Atlantic City’s local officials backed a revised plan proposed by New Jersey Governor Chris Christie on Tuesday that called for the city to be rescued through additional layers of state oversight and new revenue sources.”
They should add legal prostitution and sports betting to the mix. Or they can just raise the vig on each table game.
new revenue sources = bend over taxpayers
New revenue sources? If they couldn’t make it work with a waterfront location and casinos, there is nothing else left.
They killed the goose that was laying the golden eggs. Make it a tax free zone and watch it come back.
Bet Trump is so glad he got the heck out of there when he did.
If it is a tax free zone, who is going to pay for stuff?
AC was always a scam. No one ever intended to spend any money fixing the rest of AC beyond the confines of the several hotels.
What ?? I thought gambling and casinos were the ultimate solution to economic success !! What a revelation....
“...dissolve city departments, consolidate and privatize municipal services and sell city assets...”
Adding insult to injury, cronies get/valued in the $M for pennies/dollar and the ‘temporary measures’ soon become too good to wind-down.
Nothing about unions and govt bennies though. Nor the loss of population BECAUSE of govt. Surprise /s
More Big Government solutions ofr the benefit of big money interests.
Like Trump.
Establishment boys have to stick together.
Only government agencies could bankrupt casinos or whorehouses!
The vig was too high already...that's why people stopped going there!.....Foxwoods is getting the same way..
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