Atlantic City airport may be redeveloped into race track, more
ATLANTIC CITY, N.J. (CBS) -- Atlantic City is one step closer to having a new place where people can live, shop and race sports cars.
The city signed a memorandum of understanding with DEEM Enterprises to potentially redevelop the abandoned Bader Field into a nearly $3 billion mixed-use development.
The complex would include condos, shops and a Formula 1 specification race track.
"[It] is going to not only change the landscape of Atlantic City but give our taxpayers much needed relief like never before," Democratic Mayor Marty Small Sr. said.
The memorandum gives the developers six months to research if they can deliver on their proposal before they must come to a more formal redevelopment agreement with the city.
Mayor Small said the extra revenue from this development could lead to lower property taxes in the future.
Mohammad Rahim's lived across from Bader Field for 15 years.
He said property taxes are high, and he'd like to see them lowered.
"Yes, we want that," Rahim said. "Lower taxes of our property because it does not work with our income."
Dan LaCorte is looking forward to the extra income that could come to nearby businesses like the Atlantic City Pet Hotel, where he works.
"I think it's good because it's such a huge place that's just sitting there, and every now and then, you see trucks there. They do something on the weekends," LaCorte said. "But to do something all the time like that, I think would be good for Atlantic City, bring some money into the area."