Jersey State Gov't to Take Over Atlantic City's Finances

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    The roulette wheel spins at Caesars Atlantic City July 8, 2006 in Atlantic City, New Jersey.

    Atlantic City has agreed to let the state takeover the gambling town's troubled finances to help it get back on its feet.

    The takeover was announced Tuesday by Gov. Chris Christie and Atlantic City Mayor Lorenzo Langford.

    The arrangement will allow the city to spread to its budget deficit of $9.5 million over five years, sparing residents and businesses a significantly larger property tax increase.

    Some of the benefits of state supervision include allowing the city to defer some expenses. The state may also provide staff and resources to help the city with its finances.