ATLANTIC CITY — Two companies made bids for Bader Field on Thursday.
Legend Properties, based in Cherry Hill, and Bader Field Development LLC, located in Long Branch, were the only two to offer money for the former municipal airport, according to minutes from Thursday’s purchasing board meeting.
Bid details were not available.
The city has seven days to accept or reject the bids, according to Max Spann, which ran the sealed bid auction. A closing on the sale would take place on Oct. 17 if a bid is accepted by city and state officials.
Michael DePetris was president of Legend Properties in 1993, according to state records. Bader Field Development, which registered in New Jersey last week, named Alan Dalsass as “member/manager” of the newly formed company, according to state records.
Mayor Don Guardian said he wasn’t expecting anyone to submit bids for the roughly 100 acres of Bader Field, saying developers have expressed interest in buying the property, “but they’ve never been serious with money before.”
“Unless the bid is about $100 million, I don’t think you can take it seriously,” Guardian said.
Two bids were also submitted for Riverside Park, a 10.43-acre waterfront property on Route 30. Those bids were made by Legend Properties and Vision 2000-GN1, which lists an Atlantic City address.
Guardian said hopes for about $4 million to $5 million for Riverside.
City officials hope a Bader Field sale will provide a large lump sum of cash to pay down the city’s debt and expenses. The city initially set a minimum bid of $155 million for the site in a public auction, but later decided to accept sealed bids instead.
Terms of a $73 million state loan require the city to hold onto the proceeds of a Bader Field sale as collateral. The city must make a deposit account for the money in the meantime.