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City council approves long-term tax deal for Atlantic Lofts; debate centers on 30-year payment‑in‑lieu and local abatements
Summary
Atlantic City Council approved a 30-year long-term tax exemption and a package of shorter tax abatements for downtown projects, including a 52‑unit redevelopment of the SWIN building. Council members debated the length of the agreement and safeguards for future deals.
Atlantic City Council on Feb. 19 approved an ordinance authorizing a long‑term tax exemption and financial agreement with Atlantic Lofts Urban Renewal, and approved several related tax abatement measures for properties downtown.
Council members spent the largest portion of debate on the long‑term agreement — repeatedly described in the meeting packet as a 30‑year payment‑in‑lieu (PILOT) arrangement — with several members pressing for clarity about how the city benefits over time and what safeguards apply to future applicants.
The council president read the ordinance into the record: “Ordinance number 6 approves the application for a long term tax exemption and authorizing the execution of a financial agreement with Atlantic Lofts Lofts Urban Renewal.” Councilman Shabazz moved the ordinance and another council member seconded. The administration stated the agreement is a 30‑year arrangement and that developers would pay a financial fee (a…
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