(Atlantic) The Atlantic City Council Wednesday night approved an an amendment to the Urban Renewal Plan for the Southeast Urban Renewal Area.
Sonntag Development LLC is seeking $360,000 in Tax Increment Finance money to help with infrastructure improvements and other related costs for the proposed Southern Heights Housing project.
The City Council will decide March 18 on the proposed development agreement with Sonntag Development LLC, including Tax Increment Payments.
Don Sonntag stated earlier that he is seeking $120,000 be paid at the time that the improvements are completed, $120,000 at the time of completion of the first foundations, (ten units), and the final $120,000 at the time of completion of the next five foundations, or (ten units). Sonntag Development LLC is proposing to build 28-Condominum units, 16 along 19th Street and 12 additional units near 22nd Street.
The site plan for the $3-to-$4 million project was approved at the January 21 City Council meeting.
March 3, 2015