(Atlantic, Iowa) – The Atlantic City Council is scheduled to meet 5:30-p.m. Wed., Nov. 3rd, in their Chambers at City Hall. On the agenda, is action on Orders to:

• Approve the Street Finance Report for Fiscal Year 2020-2021: City Administrator John Lund says the FY 21, Atlantic spent a little more than $3.5-million on street infrastructure and the equipment, vehicles, personnel and facilities to maintain the streets. The report shows also: $18,793 was invested into preventative street maintenance; $1.33-million was spent on paying off the principal borrowed for last decade’s street improvements, and an additional #+$126,764 was paid in interest. The remaining slightly more than $2-million was spent on labor, benefits, capital equipment, operating supplies, materials, profession and contractual services.
• And an Order to Approve the FY21 Urban Renewal Area Report, which allows the County Auditor to collect property tax revenues from the Urban Renewal Areas for the City’s TIF obligations.

The Council will hold the third and final reading of an Ordinance pertaining to the Fire Department and how volunteer personnel are appointed. That duty and evaluation of personnel will rightfully will fall under the direction of the Fire Chief.  The Atlantic City Council will also act on an Order to Appoint the Mayor’s nomination of Geoff Barrick to the Planning & Zoning Commission, for a term of five-years. If approved, Barrick would replace Rich Tupper, who is resigning from the seat on the Commission.

In other business, the Council, Wednesday, will act on passing a Resolution “Obligating funds from the Hotel Whitney Urban Renewal Area Revenue Fund for Appropriation to the Payment of Annual Appropriation Tax Increment Financed [TIF} obligations,” that are coming due in the next fiscal year. City Administrator John Lund notes this will be the fourth year the City is eligible to capture the taxes paid by the Whitney Group, using TIF. The appropriation will be an annual feature on Council’s agenda until the City pay’s-off the $750,000 maximum payment or 20-years, whichever comes first.

They will also act on a Resolution “Providing for [the] Reduction of [the] Interest Rate on [the] Taxable Sewer Revenue Bond.” John Lund says the City received word a few weeks ago from its creditor on the Wastewater Treatment Plant project [the State Revolving Fund] that they were reducing the interest rate from 3-percent to 1.75-percent for the remainder of the loan, thereby saving the City $922,300 over the next 16 years. In June, 2011, the City issued debt for the WTP project for slightly more than $11.7-million.

The Council is also expected to set the date for a public hearing on the sale of City-Owned real estate at 901 Birch Street. A local person looking to start a “House-flipping” business is interested in purchase the dilapidated home and giving it renewed life before selling it. In the past, Mayor Dave Jones has noted that the property should not be sold for rental housing. The interested party has proposed paying fair market value for property and investing a significant amount of money to properly restore the home. The individual’s credentials and presentation to the Personnel & Finance Committee, were impressive, according to John Lund.