New Jersey lawmakers will vote in June on a five-bill package aimed at assisting financially struggling Atlantic City, according to Assemblyman Vince Mazzeo.
The Assembly will consider five Atlantic City bills June 11, followed by the Senate June 25, Mazzeo announced on May 26. Mazzeo, D-Atlantic County, sponsored the legislation last year after the gambling hub was hit hard with four casino closures.
"Over the next few weeks, we'll take the next steps towards stabilizing the tax base in Atlantic City - an effort that will benefit the entirety of Atlantic County," said Mazzeo in a statement. "Since November I've been working tirelessly to build support for this package and I'm glad to see Democrats and Republicans alike have coalesced around my legislation that will bring real reform to how Atlantic City does business."
One of the measures would reallocate the state's casino investment alternative tax to Atlantic City for paying debt service on issued municipal bonds. The legislation also includes a payment-in-lieu-of-taxes program for casinos to help boost revenue.
The potential aid package for Atlantic City comes as the city grapples with a $101 million budget gap under the control of emergency manager Kevin Lavin. A March 23 report from Lavin mentioned the possibility of debt payment deferrals to avoid bankruptcy.
"For weeks we've been waiting for the governor and the emergency manager to take a clear and concise position on these bills," Mazzeo said. "However, with a new fiscal year almost upon us, we simply cannot wait any longer to act. It is my sincere hope that the governor will sign these important and historic pieces of legislation when they reach his desk."
New Jersey Gov. Chris Christie has previously said any financial assistance for Atlantic City should provide "long-lasting fiscal stability" to the city.
"The Governor continues to believe legislative action must be part of our holistic approach to stabilizing Atlantic City," said Christie spokeswoman Nicole Sizemore. "He looks forward to reviewing the legislation currently being advanced as soon as the Legislature sends it to his desk."
