![\"pilot](\"https:\/\/brigantinenow.com\/wp-content\/uploads\/2015\/11\/christie-PILOT.jpg\")
<\/p>\n<\/p>\n
On Monday, Nov. 9, NJ Governor Chris Christie said no to the PILOT BILL legislation sitting on his desk for the past 6 months. (conditionally)<\/p>\n
The legislation was intended to stabilize Atlantic City\u2019s finances.\u00a0According to Philly.com, the GUV said: \u00a0The bill failed \u201cto recognize the true path to economic revitalization & fiscal stability.\u201d<\/p>\n
Casinos wanted it\u2026..the Atlantic City Chamber of Commerce wanted it. County Executive Levinson, not so much.\u00a0Christie says he MIGHT sign\u2026.. if\u2026..it was re-written, giving the state more control.<\/p>\n
Senate President Sweeney was not happy. But he and Christie agreed to sit down & do some tweaking.\u00a0Christie said the bill \u201cdid not meet the goal of setting a course toward renewed, long-term prosperity and economic growth.\u201d<\/p>\n
The PILOT would have allowed casinos to collectively pay $150 million each year to Atlantic City in lieu of property taxes for two years. Then for the next 13 years, that number would drop to $120 million.<\/p>\n
Christie wants that money to go directly to state\u2026not directly to Atlantic City. Christie wants his team to distribute funds to Atlantic City as long as they have an approved, rational plan.<\/p>\n
Christie wrote: \u201cRegrettably, many of the city\u2019s key stakeholders have failed to embrace the concepts of fiscal restraint and strong leadership, and instead have settled on a course toward self-preservation and vacillation.\u201d \u201cEqually regrettable are the provisions of this package of bills that simply shift resources to the city without requiring accountability on the part of those who receive the funds or those who benefit from the unique tax payment arrangements set forth in the legislation.\u201d<\/p>\n
Christie also wants revenue generated from gaming taxes for CRDA Casino Reinvestment Development Authority to be redirected to Atlantic City to pay down it\u2019s debt.<\/p>\n
Without tweaks, Christie thinks the current PILOT proposal would NOT renew long-term prosperity, economic growth, and expansion in the region\u2019s tourism, entertainment, and gaming industries\u201d.<\/p>\n
\nNOTE > AC owes Borgata $88 million in tax appeals, paying it down in $150,000 monthly installments.<\/strong><\/p>\n<\/blockquote>\n
Casinos agreed not to file future tax appeals if the PILOT payment-in-lieu-of-taxes (PILOT) system were adopted.<\/p>\n
Christie on Monday also vetoed a bill that would force Casinos to provide FREE health-care and retirement benefits for all full-time union employees.<\/p>\n
\nAtlantic City Mayor Don Guardian is reserving comment right now, while Atlantic County Executive Dennis Levinson expressed a dash of reserved happiness. Sorta.<\/strong><\/p>\n<\/blockquote>\n
Like the governor, Levinson wants a re-worked PILOT or other viable plan for the future of Atlantic City.\u00a0Levinson said restructuring (bankruptcy) is a viable option. It can be considered a hammer\/tool.\u00a0AC will struggle to get out from that level of debt, said the elder statesman of NJ. \u2018Better to let casinos ask for reassessment.\u2019\u00a0Assessors pulled assessments out of thin air when originally setting taxes for casinos<\/p>\n
Galloway Township Mayor Don Purdy<\/a>\u00a0thinks Atlantic City has too much old, lingering debt. Throwing good money at bad money won\u2019t work,\u201d Purdy said. \u201cThe only way to fix it is to go bankrupt.\u201d<\/p>\n
Egg Harbor Township Mayor Sonny McCullough agrees with Purdy. \u00a0\u201cAC needs to reorganize just like Detroit.\u201d\u00a0Many Mayors want AC to consider filing for bankruptcy. A large percentage of local mayors don\u2019t want the possibility of larger county tax bills, while casinos get a 15 year smooth ride.<\/p>\n
Casino Association of NJ was not happy about the conditional veto.<\/p>\n
Atlantic County Executive Dennis Levinson and AC Mayor Guardian were cool with county grabbing 13.5 percent of casino payments. Atlantic City Council members were not so cool about it.<\/p>\n
The post Christie Says No to Atlantic City Pilot Bill. Casinos Not Happy.<\/a> appeared first on Atlantic City Prime Time<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Monday, Nov. 9, NJ Governor Chris Christie said no to the PILOT BILL legislation sitting on his desk for the past 6 months. (conditionally) The legislation was intended to stabilize Atlantic City\u2019s finances.\u00a0According to Philly.com, the GUV said: \u00a0The bill failed \u201cto recognize the true path to economic revitalization […]<\/p>\n","protected":false},"author":1,"featured_media":30443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[31],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n
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