NORTHFIELD — Atlantic County freeholders may start the wheels in motion Tuesday to back funding for construction of a new hangar at Atlantic City International Airport.
The Atlantic County Improvement Authority voted earlier this month to apply to the state Local Finance Board to issue $5.75 million in Atlantic County Guaranteed Debt Financing for the hangar project, if a charter plane company agrees to move its maintenance and repair operations to ACY.
It also voted to authorize Executive Director John Lamey and counsel to negotiate and execute a term sheet and agreements related to it.
The name of the company has not been announced, but county officials and the SJTA said earlier this month they have been talking to the company for months and are working together to bring it and about 125 good paying jobs to the region.
Also this month, the South Jersey Transportation Authority approved a resolution directing Executive Director Stephen Dougherty to negotiate a ground lease for the project with the ACIA, as a way of fostering economic development in the area.
“We are waiting for a reply to our term sheet,” said ACIA Executive Director John Lamey on Monday. “We anticipate hearing this week.”
The financing would only move forward if the company signs the agreement, but the ACIA and county are moving ahead with preliminary steps so construction could happen quickly, he said.
“We will have things in place in case we move forward,” Lamey said.