Deal reached to rescue Atlantic City
TRENTON, N.J. (AP) — New Jersey lawmakers have agreed on an Atlantic City rescue package to keep the struggling gambling resort from running out of money.
Leaders of the state Assembly and Senate reached agreement Monday on a package of bills to help the nearly broke city, giving it five months to devise a plan for balanced budgets over the next five years.
The city would get a temporary loan of about $60 million, would be able to offer all its employees early retirement, and would retain its collective bargaining rights — something that would have vanished under previous proposals.
Casinos would not be allowed to opt out of a payment in lieu of taxes plan, even if voters authorize casinos in northern New Jersey.
The full Assembly will vote Thursday on the changes.