Atlantic City's troubled finances are in the hands of the state, and can be for the next five years. But it's yet to be seen if the city will fight to retrieve that power.
Gov. Chris Christie's administration has until Tuesday to decide whether to accept Atlantic City's five-year financial plan or reject it in favor of a takeover.
Atlantic City plans to sell land, lay off 100 more workers, pay down most of its $500 million debt and slash other expenses during the next five years to fight off a threatened state takeover of its assets and decision-making power.
It will be challenging for city officials to identify the cuts needed within five months to balance their budget. Refinancing its debt would be a big help.
“If they come up with something, great,” Christie said of a legislative compromise. “If they don’t, then bankruptcy would be the only option. And while I would regret having to go down that road, it is a road that I will have no choice but to go down.”