Christie Says He Won't Support Alternate Atlantic City Funding Plan
TRENTON, N.J. (CBSNewYork/AP) -- An alternative to address Atlantic City's failing finances has advanced in the Legislature, but Gov. Chris Christie says he won't consider supporting it.
A state Assembly committee on Thursday approved a measure by Speaker Vincent Prieto that seeks to re-cast assistance to Atlantic City on his own terms.
But Christie calls it a desperate effort to protect his political patrons and unions and says he won't support it.
Prieto's measure would give the state authority over the city's finances, but only if the city fails to meet certain performance targets.
Atlantic City Mayor Don Guardian says the difference between the takeover bill already passed by the Senate and the Assembly version is the difference between democracy and a dictatorship.
The state takeover proposal would strip Atlantic City of most of its power and would give the state the right to break contracts, dissolve agencies and sell off city assets and land. The plan would hold tens of millions of dollars in state aid until Atlantic City adopts a fiscal austerity plan that the state considers acceptable.
Christie previously vetoed measures that supporters say would have helped Atlantic City's eight casinos stabilize their taxes, and helped the city prevent costly tax appeals that have contributed to a huge budgetary hole.
Guardian has said that the resort town's collapsing finances will force a weeks-long shutdown of nonessential government services if it doesn't get state aid.
Issues over funding for Atlantic City rose after the a devastating 2014, in which four of its 12 casinos went out of business.
The plan will be voted on by the full Assembly next week.
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