ATLANTIC CITY — City Council could vote Wednesday on an $80 million bond ordinance to borrow for tax appeal settlements, and to move forward with the redevelopment of Gardner’s Basin.
A resolution is listed on Council’s agenda to approve a redevelopment agreement and lease management agreement for Gardner’s Basin. The resolution lists Scarborough Properties as the potential redeveloper.
The redevelopment would include recreation, a new restaurant and renovations to attract local businesses and more people. If approved, the resolution would give the company the ability to move forward with plans, which have not been revealed.
Councilman Kaleem Shabazz said the city previously issued a request for proposals to see who was interested in redeveloping the area and entering into a lease agreement.
A representative for Scarborough Properties did not return a call for comment Tuesday.
“Gardner’s Basin has the ability in my mind to be a mini Inner Harbor,” Shabazz said. “It’s a gem for Atlantic City.”
The council is also expected to vote on approval of an ordinance authorizing the city to issue bonds for up to $80 million, which would go toward paying settled tax appeals.
Earlier this month, state officials announced the resort’s remaining tax appeals had been settled, including several casino tax appeals with billionaire Carl Icahn.
Officials said the $80 million will be used to fund the repayments, although the exact amount of the settlement has not been revealed.
This comes after the state reached a $72 million tax settlement in February with Borgata Hotel Casino & Spa. The city owed Borgata $165 million after successful property-tax appeals by the casino and the settlement saved the city $93 million, according to the state.
The council actions are expected at its 5 p.m. Wednesday meeting in City Hall.