(Atlantic) The Atlantic City Council on Wednesday approved a Federal Purchase Policy for the Whitney Development Corporation, the owner of 300 Chestnut Street.
The corporation applied for a CDBG Downtown Upper Story Housing Grant from the Iowa Economic Development Authority. The grant has been awarded $300,000, with the Group contributing $295,937.00 of its resources and the city offering in-kind administration assistance to cover the local match. Combined, this will create four new apartments within the building.
The Iowa Economic Development Association has two requirements for the city to adopt as part of the grant. The first is a federal procurement policy, which the city already has, but the federal guidelines must be adopted and utilized for this project.
