(Atlantic) On Wednesday night, the Atlantic City Council voted to transfer 41.54 acres of city-owned property to Vision Atlantic, a 501(c)(3) organization for $1.00. The non-profit organization spearheads a $75 million Economic Development Project, including the farmland purchased by the city from the Comes Trust in 2022. The property is located in the southeast Urban Renewal District.
This week, Vision Atlantic identified three critical areas for stabilizing and enhancing Atlantic’s population: expanding housing, childcare facilities, and amenities. With collaborative efforts with community stakeholders, generous donors, and foundational support, they plan to channel an estimated $75.5 million into these vital projects. This includes $48 million for new housing, $11.5 million for a state-of-the-art childcare center, and $16 million for expanding the current YMCA facility. The Charles E. Lakin Foundation has committed $8.6 million, significantly supporting the childcare center and YMCA expansion. An additional transformative pledge of $23 million from the Foundation will be the catalyst, igniting the community’s rapid new housing development.
During the public hearing, Vision Atlantic Leadership Committee member Jackie Sampson spoke about her passion for the project and the Charles E. Lakin Foundation’s generous contribution.
Nick Hunt, Vice-President of Vision Atlantic, stated they are not asking the city for the Tax Increment Financing up front for the infrastructure. He says Vision Atlantic will put up the money for the infrastructure, start on the housing project this fall, and receive the T.I.F dollars later.
Hunt stated Vision Atlantic consists of volunteers working hard. They found the land and worked with the Charles E. Lakin Foundation for a year and a half on this project. He added the committee had raised $7.6 million from individuals.
Hunt said no city has been given a better deal than this one. “This is a gift; everyone must corroborate and work for this great project.”
Councilman Gerald Brink considers this an investment in the community. Councilman Shawn Sarsfield agrees, and Councilperson Elaine Otte calls this a three-legged stool: “The city needs housing, jobs, and daycare, which will address all three.” Brink added, “The city will never have this opportunity again.”
The project includes 144 new housing units. The City Council’s motion of approval ONLY pertains to the transfer of the property portion of this project.
