ATLANTIC — Atlantic City Council should consider reimbursing Atlantic resident Bob Camblin $10,000 to take ownership of an option agreement to purchase just over 41 acres to the east from Olive Street.
Earlier this year, the city’s personnel and finance committee recommended the city move forward with the purchase, which officials hope will ultimately provide up to 69 lots for new housing. The city tentatively agreed to purchase the 41.5 acres for $830,000.
The deal is the result of an option agreement between Camblng and landowner Jim Comes. At the time, Camblin deposited $10,000 of his money to secure the option and the Board is expected to repay him the money Wednesday night. The option must be exercised by the City by May 16 or it will expire.
As one of the largest undeveloped swathes of the community, the city has long viewed the area as a potential site for development. The city has long struggled with housing shortages with only 12.6% of the housing stock built since 1990 and 34.9% built before 1930.
“Only Charles City has older housing stock and has built fewer homes since 1990,” Atlantic City Administrator John Lund said. “Denison, Independence, Webster City, Algona, Washington, Nevada, Orange City and Creston have all built 16% or more of their current homes since 1990.”
“Cities do not exist in stasis. They are either growing and recovering or declining,” Lund said. “One way to steer the Atlantic toward growth is to ensure that high-value real estate is built that attracts and/or retains high-income households in the Atlantic. Without their consumer spending to support local businesses and their taxes to support local government and education costs, the remaining and slowly shrinking base will have a greater burden to support government costs. The Atlantic will have neither a growing population nor an expanding wealth base without new housing options. The Council will need to weigh the risks and rewards of action against our fate resulting from inaction.
This purchase shall be financed by a general obligation which shall include the purchase of the property, the costs of installing the infrastructure for the property, the reimbursement of the infrastructure costs for the Boose Building Construction Redwood subdivision and the projects of the plan ten-year capital improvement plan for the city. . In total, the bond should be around $1,973,730.
The City is considering two more future obligations, the first of $2.3 million in 2024 for street improvements including West 22nd Street and a $7.7 million obligation in 2027 for street repairs and two fire engines.
With that, Lund says, the city’s debt will peak at $14,154,073, just over 60% of its borrowing capacity of $23,265,217.
The meeting will begin at 5:30 p.m. and will be held in the council chambers of City Hall.
Email Jeff Lundquist at firstname.lastname@example.org
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