Atlantic Mayor Dave Jones, Wednesday evening, will administer the Oath of Office to three, current Atlantic Police Officers who are moving up in the ranks. The ceremony will take place in the Council’s Chambers at City Hall, during a regular meeting of the Atlantic City Council, which begins at 5:30-p.m..
Sgt. Paul Wood, who has served the City for almost 13 years, is being promoted to Lieutenant, to fill a vacancy created by the retirement of Lt. Jon Parsons. Officer Dustin Pieken, who has served the City for nearly 10-years, is being promoted to Sergeant, to fill the vacancy created by the promotion of Paul Wood. And, Officer Devin Hogue is being promoted, Wednesday, to Lieutenant, to fill the vacancy created by the promotion of Dave Erickson to Police Chief. Hogue has been an Atlantic Police Officer for almost 6-years.
In other business, the Atlantic City Council will act on approving a Resolution that approves a “Development Agreement with the Whitney Group, LLC, authorizing annual appropriation tax increment payments and pledging certain tax increment revenues to the payment of the agreement.”
The Agreement before the Council Wednesday evening, is the final version for the Whitney Inn Tax Increment Financing (TIF) project. The agreement specifies:
- The property will have a minimum assessed value of $1.7-million dollars.
- $476,000 will be assessed as Commercial; $1.224-million will be assessed as Multi-residential.
- At the most, the taxes paid by the Whitney group will be the amount rebated. No other property taxes will contribute to the rebate.
- The total value of the TIF rebates will be $750,000.
- There is no maximum or minimum as to the amount to be rebated. Instead, that is dependent upon the taxes paid by the developer.
The Agreement also states:
- Only 90% of the eligible amount of taxes paid will be rebated. The other 10% the City chooses not to TIF. The City will allow the 10% to return to the general levies of the City, County and School District.
- The City will keep the TIF District open until the $750,000 has been paid to the developer. City Administrator John Lund says that should take 17 years, but a maximum of 20-years is allowed by State law.
- The City of Atlantic will not be “On the hook,” to pay the rebates if the Legislature decides to “Further tamper with either the property tax system or tax increment financing laws,” according to Lund.