LEGISLATION INTRODUCED TO HELP ATLANTIC CITY

A measure is being worked on in Trenton to bring financial stability to Atlantic City. The legislation stems from the plan that Senate President Steve Sweeney unveiled in November as well as the two summit meetings held in Atlantic City. The measure would most importantly stabilize casino property tax payments by authorizing them to make Payments In Lieu Of Taxes (PILOT) in the amount of $150 million for the first two years. The legislation would obligate guaranteed tax payments, indexed on Gross Gaming Revenues, over the next 15 years. It would also require baseline health care and retirements plans be offered by the casinos and would reevaluate the role of the Atlantic City Alliance in the community.