(Atlantic) On Wednesday, by unanimous vote, the Atlantic City Council approved the purchase of 41.54 acres of farmland for $830,000 from Jim Comes for a housing development project. The land is on the southern edge of city limits along and north of 22nd Street to Olive Street.
Atlantic City Councilman Pat McCurdy says he usually would not approve of the City buying land, but in this case, he is all for it because it fits in with the City’s master plan.
Councilmember Linda Hartkoph read a comment from a citizen concerned with the City buying land and developing infrastructure on property current property owners have to pay for. In the past, developers have purchased the property, not the City. Councilmember Elaine Otte says the Personnel and Finance Committee considered all options and felt this was the best option to progress.
Some public members questioned whether there is interest from individuals to build. Christina Bateman from Meyer and Gross Real Estate noted Wednesday afternoon that there were only four houses on the market available for sale that didn’t have accepted offers.
Bateman says realtors say there is no issue selling the lots on this property. Councilman Dana Halder says there is demand for people wanting to build homes.
Atlantic Mayor Grace Garrett says this project is not just for Atlantic, and if they depended on only community members, the City would not have purchased this land.
Atlantic City Administrator John Lund says the project will be financed through a general obligation debt. The revenue sources toward the debt payments would be lot sales and farmland leases as the City sells lots for the construction of new homes and leases unused portions of the subdivision for farm use.
The next step is to authorize the City Attorney to deliver written notice to Jim Comes of the City’s decision to exercise the purchase rights under the option agreement.
