Bank foreclosing on Revel power plant; heating plans unclear

A bank is foreclosing on a power plant at the center of a dispute that has helped keep Atlantic City’s former Revel casino shut.

Bank of New York Mellon has begun foreclosure proceedings against ACR Energy Partners, which is the sole source of utilities for the casino. Revel closed in September 2014.

ACR and Revel owner Glenn Straub have been unable to agree on a deal to provide utility service for the building.

Under an emergency order from the New Jersey Department of Community Affairs, ACR is providing enough electricity to power fire safety systems at Revel.

But the bank says Straub has fallen $800,000 behind on those payments.

ACR says it has offered to provide heat for the winter if both sides can agree on a price.

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