(Atlantic) Following a public hearing Wednesday, the Atlantic City Council passed a resolution to enter into a land acquisition loan agreement to borrow a $500,000 taxable general obligation land acquisition bond and provide for the levy of taxes to pay the same.
In April, the Atlantic City Council agreed to purchase 41.54 acres of farmland for housing development for $20,000 per acre, or $850,000. The property is located northeast of 22nd and Olive Streets, surrounded by the residential property to the north, west, and east, and immediately northwest of the Atlantic High School.
Atlantic City Administrator John Lund says the land will be financed through a general obligation debt. The First Whitney Bank bought the debt, and according to John Lund, they have generously agreed to a below-market interest rate of four percent.
Lund plans to invest the purchase balance using American Rescue Plan funding. He says this will allow the city to continue to take advantage of other economic activity. The debt service payments will come from the Local Option Sales Tax Progress.
Lund says Atlantic’s housing stock is not competitive, with only 12.6 percent of the city’s housing stock built since 1990, with 34.9 percent built before 1930. He says a community that cannot provide new housing, diverse housing options, building places, and an adequate housing inventory cannot expect to attract large-scale or even smaller, higher-paying employers.
In other business:
*The Council approved September 17 through the 23rd Constitution Week
*The Mayor announced Halloween would be held on Monday, October 31, from 5:00 p.m. to 7:00 p.m.
*The Council approved Wild Willy’s to let off fireworks at Friday’s Homecoming game.
*The Council approved closing selected streets for Friday’s homecoming Parade.
*The Council approved closing the sixth street between Chestnut and Poplar Streets from 1:00 p.m. to 5:00 p.m., on October 8, 2022, for the Pre-fire Prevention Parade. Atlantic City Council Person Elaine Otte says this is an event to enhance and support the Firemen Prevention Parade.
*Appointed Jeremy Butler to the Atlantic Park and Rec Board of Directors
*Council Consented to rezone application of City-owned property at 301 Maple Street. Jamie Joyce, the owner of JJ Design, offered to buy the property for $10,000 and construct a building on the vacant property. The property must be re-zoned from residential to commercial.
*The City Council approved the third and final reading amending the code of ordinances by adding a new section regulating panhandling. The purpose of the law is to control specific behavior to preserve the public order, to protect the citizens, and to ensure safe and uninterrupted passage of both pedestrian and vehicular traffic, without unconstitutionally impinging upon protected speech, expression, or conduct.
*The City Council passed the second reading amending the ordinances Mowing of Properties, removal of solid waste; snow and ice accumulation.
*Atlantic Mayor Grace Garrett presented the Oath of Office to Park and Rec Board members Jeremy Butler and Shirley Jensen.
