The state Local Finance Board on Wednesday approved Atlantic City’s plan to bond for more than $15 million to settle litigation between the state and Atlantic County regarding the 2021 amendments to the casino payment-in-lieu-of-taxes law.
Stephen Pearlman, bond attorney for the city, said the bond will have no impact on the city’s finances. The settlement must be approved by Aug. 1, Pearlman said during the finance board hearing.
City Council introduced an ordinance May 21 to issue the bond. Council debated the matter for 40 minutes during the May meeting. It also discussed several other issues, including the PILOT program itself and state oversight. The settlement talks come as all aspects of the state’s involvement in the resort, from the PILOT to the Municipal Stabilization and Revitalization Act to the future use of investment alternative tax funds, are being discussed.
