The Atlantic City Council Wednesday, is expected to act on the acquisition of two abandoned, dilapidated properties. The resolutions apply to properties at 611 Linn and 1200 Birch Streets. City Attorney Dave Wiederstein has indicated that even though the taking of the titles to those properties had not (as of last report) been finalized by the court, he believes the judge will enter decrees soon, awarding both titles to the City.

The Council will also receive a report from the Community Development Committee, and hear a request relative to financial assistance for an Atlantic Elderly Affordable Housing acquisition/rehabilitation project from the non-profit RD Atlantic LLLP. The group is seeking Tax Credit Awards from the Iowa Finance Authority for the project, with entails the acquisition and rehabilitation of the Regency Villa Apartments, and plans on investing $2.1-million for the rehabilitation of the living units and construction of on-site storm shelters and a community room. The groups is asking the City for a financial incentives package that includes a $20,000 loan with zero-percent interest for the first 15-years, with no principal paid until the end of the 15-years, and a Payment In Lieu Of Taxes (PILOT) of $750 per year for the first 15-years.

City Administrator Doug Harris has indicated he believes the amount and term of the loan couple with the PILOT, would bring the project in-line with the General Obligation debt financing cost to the City.

In addition, the Council will act on a request from Mayor Dave Jones to have the City provide fill material to the Nishna Hills Golf Club, for the purpose of building their terraces to slow the amount of drainage in a drainage ditch that runs through their property. The cost to the City would amount to about $500. The City Attorney says if the Council approves the request, it would set a precedent on how the City responds to drainage issues on private property. He noted also, that the Atlantic Golf and Country Club has a similar drainage problem.

The Atlantic City Council meeting begins 5:30-p.m. Wednesday, at City Hall.