Atlantic County New Jersey may close its long running battle with the state over its share of payment in lieu of taxes funds from Atlantic City casinos.
The Press of Atlantic City cited sources saying the deal will give the county 13.5 percent of the funds, but county officials would not confirm the amount.
County officials said that they can’t disclose the percentage until the six municipalities that joined the county in suing the state over the percentage agree on the settlement. That suit had argued that the plan was unconstitutional in the state. The 2016 plan allows the city’s casinos to pay set payments in lieu of taxes for 10 years to avoid costly tax revaluation appeals.
Seth Grossman, represents Liberty & Prosperity, a citizens group that also filed a suit against the payment plan that was later consolidated with the county’s suit. He told the Press the settlement will take several years to hit the 13.5 percent figure.
“Basically, it’s a convoluted thing,” Grossman told the paper. “Payments to the county for 2017 are 10.4 percent, and it goes up to 11.95 percent the second year. At year six it is 13.5 percent.”
He said he figured the average at 11.95 percent over 10 years. County officials, however, said the figures are inaccurate and the deal is more beneficial to the county.
