Sponsor
Alderman Shakoor
Title
Grant to the Racine Revitalization Partnership to Create a New Community Housing Development Organization
WHEREAS, during the approval of the recent Uptown Tax Increment Finance District Plan (TID 19), the RDA reviewed the activities anticipated by the new tax increment financing district. One of the priority projects for TID19 is the establishment of a new Community Development Corporation (CDC) for the City, with a near term focus on the Uptown neighborhood; and
WHEREAS, the proposed CDC is to be called The Partnership because it is linking many established community organizations. Work on this organization has been occurring for well over a year. The founding organizations of this partnership include: Continuum of Care for the City and County of Racine (CoC), Great Lakes Community Conservation Corps (GLCCC), Homeless Assistance Leadership Organization (HALO), Housing Resources Incorporated (HRI), Human Capital Development Corporation (HCDC), Racine Housing and Neighborhood Partnership (RHNP) and Racine Neighborhood Watch, Inc. (RNW); and
WHEREAS, The Partnership’s mission is to build a better Racine through the social, physical, and economic revitalization of our neighborhoods. The Partnership will be designed to meet HUD’s definition of a “Community Housing and Development Organization” (CHDO) which will provide additional opportunities for grant and tax credit programs that the City cannot enjoy because we do not have a CHDO within our boundaries; and
WHEREAS, in order to begin its work, The Partnership requires monies to fund its activities, including staffing and administrative costs. These expenses were identified in the TID19 Project Plan; and
WHEREAS, City Development staff has reviewed The Partnership’s proposal and recommends that the RDA fund the organization for this year at $150,000. The TID19 does not yet produce increment, so staff propose to borrow money from the IGA account and reimburse the IGA account once TID19 begins producing increment.
BE IT THEREFORE RESOLVED that the recommendation of the Racine Development Authority for a grant of $150,000 to The Racine Revitalization Partnership (The Partnership) to create a new Community Housing Development Organization is approved.
BE IT FURTHER RESOLVED, that the Mayor, City Clerk, and the Executive Director of the Authority are authorized to execute a written agreement with The Partnership.
Fiscal Note: Funding would be provided through TID19,; however, funds from the IG account will be used until TID increment is sufficient to reimburse the IGA account.