(Atlantic) The Atlantic City Council is ready to proceed with a housing development on the 41.54 acres it purchased from the Comes Family Trust. The Council will hold a public hearing on Wednesday, May 15, at its regular meeting.
In October 2022, the city purchased the land for $820,000 to develop a future housing project. Last month, the city published a notice seeking proposals from interested buyers and a financial offer regarding their intention to acquire the property. On Wednesday, the Council will hear from those proposals, and allow the public to make comments regarding the use and disposal of the land.
Atlantic City Administrator John Lund says that since this is related to an urban renewal project that will most likely use tax increment financing, specific considerations need to be taken before the land is transferred to another party.
Lund says the City Council has the authority to sell the property with conditions, not sell it, or postpone the vote until a specific date and time.
The City Council Meeting on Wednesday starts at 5:30 p.m. in the City Council Chambers at City Hall.
