ATLANTIC CITY, NJ—Mayor Donald Guardian has thrown some cold water on a long-shot plan by Trump Entertainment and billionaire Carl Icahn to buy the Trump Taj Mahal.
The mayor tells the Associated Press that the beleaguered city simply can't afford the massive tax breaks being sought by Icahn in return for investing $100 million in the property and keeping the casino open.
"Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests," Mayor Guardian says. "We cannot afford those demands."
Icahn's proposal calls for the reduction of the tax assessments of Trump Plaza, which closed on Sept. 16, from $248 million to $40 million and for the Taj Mahal from $1 billion to $300 million. He is also looking for tax breaks from the city and county, givebacks from the casino workers' union and $25 million from the Casino Reinvestment Development Authority. See story at northjersey.com.
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