(Atlantic) Vision Atlantic President Christina Bateman appeared before the Atlantic City Council on Wednesday. During the May 15 City Council meeting, the council adopted an ordinance allowing the sale of 49 acres of City-owned property to Vision Atlantic for $1.00. In return, Vision Atlantic is investing $4.1 million in infrastructure, $48.8 million in housing, and $10.7 million in a 300-capacity childhood development center.
The project includes 144 mixed units, including townhomes, duplexes, single-family homes, lots for purchase, and a park and biking/walking trail. The Charles E. Lakin Foundation is providing a substantial $23 million in housing capital, and the development will offer a total financial impact of $48 million on the Atlantic area. Bateman says they are moving this project along, which indicates from the construction industry that Vision Atlantic could take advantage of current price dips in construction.
Bateman says the goal is to get a development agreement with the city within the next few weeks. Vision Atlantic Committee Chair Nick Hunt says they continue to seek volunteers and funds for the YMCA and the Child Development Center.
Atlantic City Administrator John Lund says part of the Vision Atlantic Development proposal includes a tax increment financing rebate not to exceed $10.5 million for 15 years. Lund says the city will not need to borrow for this amount. He says a portion of the taxes paid by property owners in the new Camblin Hill’s Development will be returned to Vision Atlantic over that time frame, restoring the initial costs of infrastructure development, construction costs, and incentives or subsidies for builders or buyers.
Lund added that the project is the largest multi-entity partnership Atlantic has ever seen, considering the enormous scale of capital investment.
Click this Link to read about the details of the entire project
