New Jersey takes over debt-ridden Atlantic City government
TRENTON, N.J. — Republican Gov. Chris Christie’s administration has seized power in Atlantic City, taking control of the assets and major decision-making in the struggling seaside gambling resort that is half a billion dollars in debt.
The New Jersey Local Finance Board voted Wednesday to take over the city’s main governmental functions after the state government rejected a proposed five-year financial turnaround plan.
The state can now sell assets including the former Bader Field airport property and the city’s much-coveted water utility.