ATLANTIC CITY — Bader Field is no longer on the city’s June auction list, but the city is still selling 120 properties next month.
City Council on Wednesday amended the June 23 auction list to remove the 143-acre former airport, which would’ve had a $155 million minimum bid. Bader Field could still be offered in a July 14 sealed bid auction at no minimum bid, according to the council resolution.
Bader Field may be used as collateral for the state if New Jersey backs the city in restructuring the resort’s $240 million bonded debt, Mayor Don Guardian said last week. State lawmakers are working on a compromise rescue plan to save the financially-ailing city.
Either way, there are still many residential, commercial and industrial sites for sale, according to a news release from Max Spann Real Estate and Auction Co., which is running the city’s auction.
“A residential development piece on the new Boardwalk with views of the ocean and inlet,” the release said, describing a 35-lot package near Maine and Oriental avenues with a minimum bid of $95,400.
“Atlantic City not only enjoys the culture, entertainment and active lifestyle people are looking for, but it has a beautiful beach and the Atlantic Ocean,” stated Bob Dann, the executive vice president and chief operations officer of Max Spann.
In a statement, Guardian said the city chose Max Spann because of its ability to handle large sales and expertise in real estate development.
“Not only will we be raising revenue with this sale, but we will be putting these properties back on the tax rolls,” Guardian said. “We are excited about reducing expenses of the carrying costs on these lots and hopefully sparking some development at the same time.”
The auction takes place June 23 at 11 a.m. at the Atlantic City Convention Center. Max Spann is also holding a sealed auction bid for a 10.43-acre waterfront property on Route 30 known as Riverside, which offers commercial development opportunities, the release said. Bids for that property are due July 14.
Information sessions for both auctions will take place May 25 and June 8 from noon to 2 p.m. in Council Chambers.