[toc]The bill for the state New Jersey to run the finances of Atlantic City is getting pretty expensive in the early days.
The bill to run AC
The figure is not exactly a bargain, totaling nearly $300,000 over the first three months. That figure does not include billing in February and March:
More from the Press of AC:
Chiesa Shahinian & Giantomasi, based in West Orange, Essex County, billed the state $201,333 for November through January, according to invoices the state released Friday through an Open Public Records Act request.
Chiesa’s $400-per-hour fees weren’t included. But Chiesa, who is leading the takeover of the city’s finances, said he’s billed about $80,000 for November through January. He said his invoices are still under state review.
In reality, about $100,000 a month to run a city seems like a decent deal. Except Atlantic City has elected leaders that are supposed to do that, without the extra spending.
Chiesa and co., getting results for AC?
No matter what the bill comes in at, you can argue that New Jersey hasn’t done a bad job managing things. Chiesa, for his part, has been pretty quiet.
But some very positive developments have taken place under the state’s watch:
- NJ settled a tax dispute between AC and Borgata to the tune of $72 million. That’s far less than AC likely owed its biggest resort, and gives more cost certainty to AC moving forward.
- The city has an upgraded credit rating that no longer says that bankruptcy is the only option.
- There have been a number of good things happening on the development of and investment in AC. The latest is the plan to turn Atlantic Club into a water park.
Meanwhile, the AC bills will mount up
AC is going to be in the hands of New Jersey and Chiesa’s firm for awhile, as they try to untangle the financial mess. The city is still in danger of missing loan payments in the coming months, despite the recent successes.
Still, things look a lot better in AC then they did just a few months ago.