(Atlantic) The Atlantic City Council Personnel and Finance Committee recommends the city purchase 41.5 acres of farmland for housing development. The Land Acquisition Subcommittee of the City’s Housing Committee members presented the proposal to the City.
The property owned by the Comes Family Trust is located along and north of 22nd Street, along with and east of Olive Street, and south of the High School.
Atlantic City Administrator John Lund says the purchase agreement is for $20,000 per acre for a total of $830,000. Lund says the property can accommodate 69 homes.
City Councilmember and Committee Member Elaine Otte.
Atlantic Mayor Grace Garrett says this will be a good option for the City.
Pat McCurdy, Personnel and Finance Committee Chair, says the time is right.
The Realtors at the meeting on Thursday afternoon told the Committee they have several people interested in purchasing lots on the property.
Bob Camblin, of the Housing Committee, says the idea is for a three-bedroom home with a full basement and a two-car garage.
According to City officials say a preliminary amortization shows payments of principal, without balloon payments, at 3-percent interest over 20-years would require payments of $56,569, with the total amount of interest at $281,379. John Lund says a development agreement would have to be drawn up.
The Personnel and Finance Committee will now present their recommendation to the City Council for their approval. If approved by the full City Council, the option agreement with Jim Comes is to be exercised by May 15, with a preliminary closing date in early October.
