City of Racine - Meeting of Redevelopment Authority of the City of Racine on 11/14/2019 at 6:00 PM

1120-19

Fri, 25 Jun 2021 14:43:45 GMT

File #: 1120-19
Ver.: A
Agenda #:
Type: Communication
Title: Subject: (Direct Referral) Request from Cary Mauske representing Mt. Royal Property Management for review and approval of a White Box grant for the property at 413 Sixth Street.
Action: Approved
Result: Pass

1240-19

Fri, 25 Jun 2021 14:43:45 GMT

File #: 1240-19
Ver.: A
Agenda #:
Type: Communication
Title: Subject: (Direct Referral) A request by Ralph and Verdeep Schwarz for review and approval of a White Box grant for the property at 434 Main Street.
Action: Approved
Result: Pass

1268-19

Fri, 16 Jun 2023 19:45:28 GMT

File #: 1268-19
Ver.: A
Agenda #:
Type: Communication
Title: Subject: Communication sponsored by Mayor Mason requesting the Ajax Incentive Agreement be approved. Recommendation of the Finance and Personnel Committee on 11-11-19: Approve of the Developer Incentive Agreement between the City of Racine, Racine RDA, and Cardinal Capital Management, Inc., for the Redevelopment of 141 units of new multi-family housing on the RDA-owned, former Walker Manufacturing- Ajax industrial property at 1520 and 1536 Clark Street in Uptown. Fiscal Note: The FY2019 CIP Budget for the I. G. funds contained the first $500,000 for the site remediation and parking incentive; and the FY2020 I.G. Budget contains the other $500,000. Under the 11-year TID, since it is pay-as-you-go, The Developer must first pay all taxes in order to have 90% of said payments then returned as an incentive, leaving the remaining 10% for the TID to repay a portion of the $1M in incentive. The estimate is that the Developer will receive $2,900,961 in TID increment capture rebates; while the City is expected to get back an estimated $322,324 during the 11-year capture life of the TID.
Action: Approved
Result: Pass

1290-19

Fri, 25 Jun 2021 14:43:45 GMT

File #: 1290-19
Ver.: A
Agenda #:
Type: Communication
Title: Subject: Communication from the Manager of Neighborhood Services seeking to meet with the Redevelopment Authority regarding an extension of the closing date for the transfer of real property located at 1520 and 1536 Clark Street, Racine, Wisconsin, from the Redevelopment Authority to Cardinal Capital Management, Inc., and/or its assignees, pursuant to the Option to Purchase Agreement.
Action: Approved
Result: Pass