Borgata: We did not agree to any tax settlement from Atlantic City
A day after the city of Atlantic City touted a $103 million settlement of more than $150 million owed its biggest taxpayer, Borgata Hotel and Casino, the casino denied any such deal.
But Mayor Don Guardian shrugged off Borgata’s off-message comments, and said he was confident the deal would become final once the state approves the city’s plan. Guardian, city council president Marty Small, Councilman Kaleen Shabazz and three financial advisers presented the plan to state officials Tuesday.
In a statement from Joe Corbo, general counsel of Borgata, the casino said it was still open to a compromise with respect to the amount owed to it, but would wait until the state had weighed in.
On Monday night, during a meeting at which Atlantic City Council approved a five-year plan to send to the state, financial consultant Ed McManimon characterized the Borgata deal as “not in writing.” The deal calls for Borgata to be repaid within 90 days, he said, and allows them another $8.5 million quarterly credit from property taxes in the fourth quarter of this year.
Read more: http://www.philly.com/philly/blogs/downashore/Borgata-We-did-not-agree-to-any-settlement.html
