City of Racine - File #: 11-6588

• File #: 11-6588
• Version: A
• Name: ButterBuds Financial Assistance
• Type: Communication
• Status: Passed
• File created: 6/17/2011
• In control: Redevelopment Authority of the City of Racine
• Final action: 7/5/2011
• Title: Subject: Communication from the Director of City Development requesting that the City provide financial assistance to ButterBuds Food Ingredients for the expansion of its operations in the City of Racine. (Res. 11-2655) Recommendation of the Redevelopment Authority on 6-22-11: That Intergovernmental Sewer Revenue Sharing Funds be used for the financial assistance and that the Mayor and City Clerk be authorized to execute a financial assistance agreement with ButterBuds. Fiscal Note: ButterBuds will be provided with assistance in the form of a "tax rebate". The estimated value of the rebate is $54,000 each year for ten years. (This estimate assumes no change in tax rate or assessed value). In exchange for the rebate, the company will commit to expand in Racine (retain 55 employees and add 22 more), acquire an adjacent property, and offer open positions to residents of the City of Racine. Funds for the rebate are available in the Intergovernmental Revenue Sharing (919) Account.
• Related files: Res.11-2655

Date	Ver.	Action By	Action	Result
7/5/2011	A	Common Council	Approved as Presented	Pass
6/22/2011	A	Redevelopment Authority of the City of Racine	Recommended For Approval	Pass
6/21/2011	A	Common Council	Referred

Title

Subject: Communication from the Director of City Development requesting that the City provide financial assistance to ButterBuds Food Ingredients for the expansion of its operations in the City of Racine. (Res. 11-2655)

Recommendation of the Redevelopment Authority on 6-22-11: That Intergovernmental Sewer Revenue Sharing Funds be used for the financial assistance and that the Mayor and City Clerk be authorized to execute a financial assistance agreement with ButterBuds.

Fiscal Note: ButterBuds will be provided with assistance in the form of a "tax rebate".  The estimated value of the rebate is $54,000 each year for ten years.  (This estimate assumes no change in tax rate or assessed value).  In exchange for the rebate, the company will commit to expand in Racine (retain 55 employees and add 22 more), acquire an adjacent property, and offer open positions to residents of the City of Racine.  Funds for the rebate are available in the Intergovernmental Revenue Sharing (919) Account.