The Atlantic City Council this week is expected to act on an order rescinding a resolution approving a development with Boulders Inn and Suites, authorizing tax increment payments and pledging certain tax increment revenues to the payment of the agreement. In his report to the Council, City Administrator Doug Harris will report the Finance Committee is recommending the order be rescinded.

In addition, City Attorney Dave Weidersteen has indicated the agreement between Boulders and the City is no longer valid, and therefore should be rescinded. Harris says he will work with both the Finance Committee and Boulders to prepare a replacement agreement that meets Boulders’ financial needs and protects the City from the potential adverse effects of any state-mandated changes to the commercial property tax system.

Harris says Boulders has verbally agreed that the minimum taxable assessed value on the property, which is on the southwest side of Atlantic, will be slightly more than $1.46-million, and that a Landscaping and Signage plan for the property will be prepared by a qualified landscape architect and attached as part of the agreement. The lack of an agreement and landscaping plan was a bone of contention for the Council, since the original agreement was made in May 2010, but never signed by officials with Boulders.

Harris says he hopes the new agreement can be brought back to the City Council for its consideration during their meeting on May 18th.