New Jersey and Atlantic City officials worked out a plan Tuesday to allow the state’s gambling center to spread out a $9.5 million budget deficit over five years as it prepares to issue nearly $36 million of refunding and new-money debt in the near term.

The agreement will help trim 2010 property tax increases down to 2% from an anticipated hike of 8%. Fiscal 2010 began Jan. 1. The city’s budget is $216 million.

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