Photo Courtesy of the Atlantic City Convention & Visitors Authority
Known for its casinos, beaches, high-rise hotels and nightclubs, Atlantic City has struggled financially for years.
NJ Gov. Chris Christie, along with Atlantic City officials, announced on Tuesday that they want the state to have more control over the city's finances, CNNMoney reported.
"We all know what this was about, going from 12 casinos to eight and having the resulting decline of nearly 65% in the city's property tax base is a challenge that no other city has endured in as short a time frame as Atlantic City did," Christie said at a press conference that can be found on the governor's official website.
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Christie added that the city has seen a 50 percent increase in outstanding debt over the past five years.
Under the proposal, the state of New Jersey would have the power to rearrange the city's municipal debt, alter or terminate the city's contracts, and combine or share services with the county or other municipalities, among other things, according to CNNMoney.
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Christie, who is vying for the Republican presidential nomination, said he expects the new legislation will be introduced and passed in February, the governor's website reported.
"The urgency of the city's current financial predicament cannot be understated," Christie said. "We will move swiftly to pass this comprehensive legislation."
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