Atlantic City is working with a new organization that hopes to invest hundreds of millions of dollars in the resort through green development.
Brian Davis, chair of GreenInfra LLC, spoke to City Council at its Wednesday meeting about ongoing negotiations with the city to raise as much as $475 million to invest into the resort through green technology projects and elevate the city’s housing stock.
Davis said the first part would be to build 1,200 new housing units in the northern end of the city. That phase would include about $330 million from the Washington, D.C.-based company.
The company also would work as merchant bank as the city would devise its vision for what projects needs to be built, and GreenInfra would fund proposals for sustainable businesses, said Councilman Frank Gilliam.
The organization would not own the properties. The city would own them and GreenInfra would work with local developers to manage them. The firm would recoup its money through half of the energy production; the city would make the other half, Davis said.
The city has about 7,000 acres that could be developed into green energy production. If 500 acres are developed, the city could make between $50 million and $100 million a year, he said.
They also envision creating 5,000 jobs for alternative energy and the fishing industry, Davis said.
“We want to make Atlantic City the greenest city in America,” he said.
The new jobs could attract 3,500 new residents to the city, he said.
Gilliam said the proposal is in the final stages of consideration by Mayor Lorenzo Langford, and the administration will decide soon if it wishes to move forward.
“This is a very important step in the history of Atlantic City,” he said. He noted the additional benefits that would come with improvements to the city’s quality of housing and ecotourism.
GreenInfra is also working with the Atlantic City Coalition — a new group of local residents who intend to work with local developers on new projects to ensure thety fit the needs of the local community. Group President Joan Bizzelle told the council they met with company last weekend and are confident they will work out an agreement.
Also at Wednesday’s meeting, the council approved an agreement with the Miss America Organization for a parade between Rhode Island to Albany avenues on Sept. 14. The parade is subject to the city engineer’s approval.
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