The Atlantic City Council, Wednesday approved the site plans for development of the Southern Heights View Condominiums at 1700 East 22nd Street.  The site plan had previously been approved by the Planning Commission and Personnel and Finance Committee, who also approved for recommendation to the full Council, a Tax Increment Financing (TIF) proposal.

Local developer Don Sonntag has asked the City for a $360,000 TIF to help the project move forward. He expects it to be complete in three-years or so. The project includes 28 condo units, with some available for rent. Sonntag estimated it would add $3.4-to 4-million in valuation to the City’s tax roll. (Southern View Site Plans Color)

In action related to Wednesday’s site plan approval, the Atlantic City Council set Feb. 4th at the date for a Public Hearing on the conveyance of the Lot A of the Southern Heights Subdivision, Second Addition.

In other business, the Council passed a resolution committing $190-thousand in matching funds for as part of an internal loan for the Atlantic Airport Corporate Hangar project.  The funds will serve to fill a grant requirement for the estimated $422,700 cost of the project, which includes the demolition of the existing block hangar, asbestos mitigation, completion of a $345,000, 75-by-85 foot hangar and engineering services. The Airport Commission has already secured $150,000 in the form of an Iowa DOT General Aviation Infrastructure grant, plus they have $32,700 in cash on-hand. That leaves them with a shortfall of $240,000.

The Commission has proposed to lease the completed hangar to two prospective clients for a period of eight years, with the option to renew, plus $25,000 down, each. The clients would pay $1,000 each per month to have their corporate jets stored, which would generate $192,000 over the life of the lease. The Commission would repay the City $2,000 per month for a term not to exceed 8-years, from the proceeds of the hangar lease.