NJ Legislators Set To Vote On Atlantic City Rescue Package
by David Madden
TRENTON, NJ (CBS)-- The New Jersey legislature is slated to vote Thursday afternoon on a compromise package that averts the possibility of payless paydays for government workers in Atlantic City. All signs point to this package getting through to the governor in short order.
The compromise was finalized on Monday. Good thing, because even the most optimistic estimate has the town running out of money by mid-June without it.
Atlantic City would have 150 days to develop a 5 year financial plan or face a state takeover. Senate President Steve Sweeney (D-West Deptford) says the protracted war of words didn't have to happen.
"Nothing really changed in this bill except we gave time for them to get their act together, which is what we had offered over the summer to the town that they rejected," Sweeney told KYW Newsradio.
Atlantic City will also get a 60 million dollar secured bridge loan and access to stabilized tax payments from the town's 8 casinos.
Assembly Majority Leader Lou Greenwald (D-Cherry Hill) predicts the package will have little trouble getting through, even though they had been adamant opposition from Speaker Vincent Prieto, who unilaterally blocked a vote for weeks.
"The Mayor of Atlantic City is in support. The Speaker has come around," Greenwald said. "So I think we're in a position where, finally, all the key pieces are in alignment. It should get passed and move forward with the redevelopment of the iconic city."
Legislative leaders expect quick action from Christie, given he and his staff have been kept in the loop during the weeks of wrangling over the package.
