Atlantic City’s water utility at center of takeover talk
Stakeholders in Atlantic City and Trenton are increasingly looking at selling, leasing or otherwise leveraging the local water utility, whose potential buyers have deep political connections.
The discussion comes as Atlantic City must deal with a $170 million bill to Borgata, a shrinking property tax base and the prospect of more casino competition in northern New Jersey.
The Municipal Utilities Authority is one of a few properties the struggling city could leverage to meet its financial obligations, with assets of about $65 million.
The prospect of putting a for-sale sign on the utility touched off meetings between stakeholders and representatives affiliated with prospective buyers, including two firms with ties to powerful political figures.
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