(Atlantic, Iowa) – The City of Atlantic’s Personnel and Finance Committee held a brief meeting Thursday afternoon in the Council’s Chambers at City Hall. They met to discuss a proposal to purchase property for the development of housing on the City’s south side. City Administrator John Lund explains.

The property in question is currently farmland owned by the Comes Family Trust. Councilman Pat McCurdy said “We need to acquire the land, first. The problem is infrastructure, moving on.”

City officials say a preliminary amortization shows that regular payments of principal, without balloon payments, at 3-percent interest over 20-years would require payments of $56,569, with the total amount of interest at $281,379.

City of Atlantic Personnel & Finance Committee, 3/3/22

The Mayor and Council members in attendance at Thursday’s meeting, were in complete agreement that purchasing the land is the right step in filling the housing needs the City has had for many years. Mayor Grace Garrett…

Two local realtors at the meeting said they know of at least three-to four people each, who are interested in building in Atlantic, and Comes’ property would fit the bill. Marty and Connie Boose, who have another housing project that’s about to get underway, are also in favor of the City’s plan to purchase the land. Marty Boose said he doesn’t see a conflict of interest.

The City’s Engineer, Dave Sturm says work on the preliminary plat is underway, and it’s set to be reviewed and likely approved during a Planning and Zoning Commission meeting, next Tuesday (March 8th).

If approved by the full City Council, the closing date on the purchase of the property is May 15.