Cash-trapped Atlantic City seeks to sell airport for USD 100M
Cash-strapped Atlantic City thinks it has found a way to pay off debt while fighting off a threatened state takeover.
Mayor Don Guardian said Monday the city’s Municipal Utilities Authority will buy the former Bader Field airport property from the city for about $100 million.
““The city will use the money to pay down debt - a key demand from state officials who are threatening to take over the resort town
”
It also will keep the much-coveted water utility out of state or private hands.
Atlantic City is nearing default on a $73 million emergency state loan, but says there is more than enough money to pay it off.
The move was the latest in a long-running struggle between the administration of Republican Gov. Chris Christie and the city, headed by a Republican mayor desperately trying to avoid having the city’s assets seized and major decision-making power taken over by the state.
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