ATLANTIC CITY, N.J. (WTXF/AP) - Cash-strapped Atlantic City thinks it found a way to pay off debt while fighting off a threatened state takeover.
Mayor Don Guardian says the city's Municipal Utilities Authority will buy the city's old abandoned Bader Field airport property near Surf Stadium for about $100 million.
The city will use the money to pay down debt. That was a key demand from state officials who are threatening a total state takeover of the seaside gambling resort.
It'll also keep the much-coveted water utility and its water plant out of state or private hands.
Atlantic City is nearing default on a $73 million emergency state loan, but says there is more than enough money to pay it off.
Bader Field was the first aviation facility to be called an "airport." What the MUA would do with the land is still a question.