Atlantic City officials are attempting to forestall a state takeover of city finances in a plan approved this week. Lawmakers in New Jersey’s Assembly Judiciary Committee held a hearing Wednesday to vet the proposal.

Atlantic City has about $500 million in debt, thanks partly to its gambling industry contracting from a $5.2 billion market in 2006 to $2.56 billion in 2015. Five casinos have closed over the last three years.

More than 100 public employees may be laid off under the plan. AN INCREDIBLE component is with the ability to settle a tax issue with Borgata, the city’s highest grossing casino.

Borgata is owed $150 million in tax refunds, and Atlantic City is planning on with the ability to accept about $100 million. The casino hasn’t formally accepted the settlement.

According to the Associated Press, other parts of the plan to repay the debt include selling the Bader Field former airport site for $110 million and issuing $105 million in bonds.

The idea is to scale back its budget by about 20 percent by 2021.

State lawmakers have until Nov. 1 to approve the proposal. In the event that they don’t, New Jersey would assume control of Atlantic City finances for a period of 5 years.

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