FOR IMMEDIATE RELEASE: Wednesday, April 1, 2015

Christie Administration Extends Atlantic City Loan Agreement

Division of Local Government Services Collaborates with the City of Atlantic City to Secure Permanent Financing Solution

Trenton, NJ – New Jersey Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman today announced that the Christie Administration has agreed to extend the terms of the loan agreement with the City of Atlantic City from March 31, 2015 until June 30, 2015.　 The $40 million loan agreement, which became effective on December 18, 2014, helped the city maintain operations after a significant loss of ratables strained the city’s budget.　 　

To address Atlantic City’s fiscal challenges, Governor Christie appointed an emergency manager on January 22nd, as part of his ongoing commitment to bring long-term stability to Atlantic City. The emergency manager’s initial findings and report were received on March 23, 2015 and specifically outlined the work that was performed, and the actions that are necessary to create a sustainable future for the city.　 Additionally, it provided an update on the fiscal challenges facing Atlantic City’s school district. A copy of the report can be obtained at:

 

http://www.nj.gov/dca/news/news/2015/20150323.pdf

 

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http://www.nj.gov/dca/

 

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CONTACT:
Lisa Ryan
(609) 292-6055