A Public Hearing will be held Wednesday evening in Atlantic, on a proposed Development Agreement between the City and Boulders Inn and Suites. The meeting takes place during a regularly scheduled meeting of the Atlantic City Council, and will be followed by action on approval of a resolution authorizing Tax Increment payments and certain Tax Increment Revenues toward the payment of the agreement, as well as a resolution setting the date for a public hearing on a proposed internal advance and loan to fund the $125,000 incentive grant, to be funded from the City’s Economic Development Fund.

City Administrator Doug Harris says the City has dropped its original offer of an additional $100,000 in tax rebates for the Boulders project, because the City will incur added interest and legal costs which would cause the City to exceed the original offering.
Boulders has informed the City through its attorney, that they want the agreement to include the $100,000 in tax rebates. Their attorney is expected to submit a counter-proposal for the Finance Committee’s consideration, and committee will forward its recommendation to the Council.

In other business, the Atlantic City Council Wednesday, will hold a public hearing on an amendment to the Fiscal Year 2011 Budget, followed by a resolution approving the amendment. The amendment simply grants the City the legal authority to spend public funds not previously anticipated under the original budget.

The Council will also act on approving the second and likely third, and final reading of an ordinance amending the wastewater fee schedule, as previously announced. The scheduled increase is necessary to help pay for the new $15-million wastewater treatment plant, which is under construction.

The meeting begins at 5:30-p.m., in the Atlantic City Hall.