The City of Atlantic’s Personnel and Finance Committee will meet this evening at City Hall, beginning at 5:30. During their session, the Committee will receive an Airport Grant Proposal pertaining to a Corporate Hangar Project. If approved, an Iowa DOT General Aviation grant of $150,000 would be combined with Airport Commission funds of $32,700, the tenant’s cash down payment of $50,000 and a City of Atlantic Internal Loan amounting to $190,000, for a total of $422, 700. The funds would be used for the demolition of the existing block hangar, asbestos mitigation, completion of a 75-by-85 foot hangar and Engineering Services.

The Airport Commission would repay the City for it’s loan over the course of eight-years, with the proceeds coming from lease fees for the hangar. The Committee will also consider a TIF application for the Southern View Condominiums. Developer Don Sonntag has made the request from the City to support the project. The Committee will review the request and make its recommendation to the full City Council during their meeting scheduled to take place Wednesday evening. If the Council supports the request, Interim City Administrator John Lund will begin the process of preparing a resolution and take care of related matters. Bond Counsel Chip Schultz has indicated the City can save money by issuing TIF bonds combined with a public works bond, to support the project.

The P&F Committee was also discuss options for 19th Street with regard to the City’s Improvement Plan and 2015 Bond, and an amendment to the Urban Revitalization Plan with regard to Tax Abatement applicability. The meeting takes place in the Council’s Chambers, at City Hall.