A Memorandum of Understanding was signed yesterday between DEEM Enterprises, LLC, and Atlantic City for the redevelopment of the Bader Field airport site. The $2.7 billion proposal would include housing, retail and a motor course for residential use.
A resolution authorizing the execution of the MOU passed during Wednesday night’s City Council meeting.
“Last night’s successful, unanimous City Council vote allowed me to sign this document giving DEEM Enterprises exclusivity for six months to do its due diligence on the Bader Field site,” said Atlantic City Mayor Marty Small. “This project won’t just change the landscape of Atlantic City, but it will give our taxpayers relief like never before. The ratable base will nearly double. I want to thank every City Council member, our city Solicitor’s office, our administrative team, and the State of New Jersey, including Gov. Phil Murphy, Lt. Governor Sheila Oliver and the entire Department of Community Affairs (DCA) team. This is a great day in Atlantic City and a historic day in Atlantic City.”
“We are extremely happy we were able to get this agreement passed last night,” said Council President Aaron Randolph. “We’re always going to look out for our taxpayers. Development at Bader Field has been a long, long time coming, and this just goes to show that Atlantic City is on the rise.”
In addition to the new infrastructure, Atlantic City would get $115 million as part of a deal with DEEM, up to $15 million of that to build a recreation center in the city, and up to an additional $7 million for dredging. Bader Field has been closed since 2006.
“What doesn’t get discussed enough is that this won’t cost city taxpayers a dime,” said Mayor Small. “Immediately, $500,000 will be deposited into a city escrow account for professionals from the state and city to do their due diligence along the way to keep this project moving along. DEEM has a six-month window to show us what they got. This is their chance.”
“It’s been a long process,” DEEM Enterprise Representative Dan Gallagher said. “I think the taxpayers of Atlantic City need to know what the mayor and members of council went through to make this happen. I’m telling you, this is just the beginning. You’re going to see a lot of other projects behind this.”
According to DEEM, the Renaissance at Bader Field project will be a net-zero carbon LEED Platinum community. The fundamental design approach of the new community is rooted in resilient and sustainable design methodologies while a microgrid concept for energy generation and distribution, with the ability to utilize clean hydrogen, will serve as a model for future self-sustaining projects the world over.
Source: NJB News