Atlantic County will receive 13.5 percent of Atlantic City’s casino payments in lieu of taxes for six years under a lawsuit settlement with the state.
Officials said the county will receive about $37.2 million more from the settlement rather than accepting a state-set 10.4 percent, according to a letter sent to mayors of all county municipalities.
According to an analysis by the Press of Atlantic City, the county would stay at 10.4 percent of $120 million for the PILOT’s first year of 2017, then go up to 12 percent of this year’s $130 million payment, and back to 12 percent in the final two years of 2025 to 2026. The county will receive 13.5 percent of the funds from 2019 to 2024.
The county also agreed to increase shared-services savings to Atlantic City to $2.1 million from about $1.1 million today, officials said.
The county had filed a lawsuit challenging the constitutionality of the PILOT law. The county sued after former Governor Chris Christie promised the county would receive 13.5 percent of the payments, then announced the amount would be 10.4 percent.
