VIDEO: Atlantic City MUA Planned Purchase Will Help City DebtPosted:
ATLANTIC CITY – Atlantic City is rolling out plans for economic recovery and getting itself out of debt.
The city and its Municipal Utilities Authority (MUA) has announced how they are working together to protect the interest of residents, while putting more money towards saving the city, and away from declaring bankruptcy.
“The MUA will remain an independent party as it is, and will work in concert with the City, not only with this plan, but on the development of Bader Field at the appropriate time,” said Atlantic City Council President Marty Small.
The MUA has plans to buy Bader Field for about $100 million, a move that will help the city flush out some more of its debt.
“Any proceeds made from this sale can be used towards much needed help with our debt, and that’s something that the city has been struggling with, and we look forward to getting the debt payments down,” said Small.
As the City searches for ways to stabilize their million dollars of debt, officials say they have come up with a seven part plan. The first step helps keep the MUA in Atlantic City, while putting extra money in the bank.
“The problem was, everyone else’s plan had us selling the MUA, so we would lose the authority over the water, we would have to trust someone else, and we’ve been against that since the beginning,” said Mayor Don Guardian.
“If council members are for the residents of the City of Atlantic City, we’ve heard the human cry from wards one through six, that they wanted the MUA to remain in public hands, and under this proposal, it remains in public hands,” commented Small.
The City plans on including Monday’s announced sale in their recovery plan for the state, and foresee Bader Field hosting events, sporting games, and may even resell the space in the future.
The planned sale must first be approved by the state and then be presented to the city council for a vote.