As State Takeover Looms, Atlantic City MUA To Purchase Bader Field For $100M

ATLANTIC CITY (CBSNewYork/AP) -- Cash-strapped Atlantic City thinks it has 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 bond to buy the 143-acre, city-owned former Bader Field property for about $100 million.

"Part of the recovery plan has always been our concern that the MUA not be sold and not be leased," Atlantic City mayor Don Guardian said.

According to Guardian, any proceeds of the sale would be collateral for the $73 million the state gave the city over the summer which required that the city dissolve the MUA by Oct. 3, WCBS 880's Kelly Waldron reported. 

"It seems to be a very, very do-able enterprise and a very, very reasonable plan for the city to maintain its municipal sovereignty over its cherished asset," MUA Executive Director Bruce Ward said.

It also will keep the much-coveted water utility out of state or private hands.

Atlantic City is nearing default on the emergency state loan, but says there is more than enough money to pay it off.

Under the same agreement, the city has until Nov. 3 to submit a five-year recovery plan for the city. Guardian said that plan will be unveiled the week of Oct. 17.

State officials did not immediately respond to a request for comment.

Bader Field was the first aviation facility to be called an "airport.''

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