City of Racine - File #: 05-1377

• File #: 05-1377
• Version: A
• Name: Agreement with Gorman and Company for the State at Main redevelopment project and the creation of a Tax Increment District
• Type: Communication
• Status: Passed
• File created: 1/4/2006
• In control: Finance and Personnel Committee
• Final action: 3/21/2006
• Title: Subject: Communication from the Director of City Development requesting the authorization to enter into a development agreement with Gorman and Company for the State at Main redevelopment project and the creation of a Tax Increment District to provide partial funding for the redevelopment. (Item referred to Finance & Personnel Committee, the City Plan Commission, Redevelopment Authority, and Standing Joint Review Board.) Finance & Personnel Committee's recommendation 03-14-06: Approval of a three-party development agreement between City of Racine, Gorman and Company (d.b.a. State at Main LLC), and the Redevelopment Authority. Fiscal Note: No debt will be issued by the City. Increment revenues from Tax Increment District No. 13 will be assigned to the developer. Roll Call Vote: Ayes: Aldermen Friedel and Finley Noes: Alderman Sollman Excused: Aldermen Spangenberg and Karas

Date	Ver.	Action By	Action	Result
3/21/2006	A	Common Council	Adopted	Pass
3/14/2006	A	Finance and Personnel Committee	Granted Permission	Pass
1/17/2006	A	Common Council	Adopted	Pass
1/9/2006	A	Finance and Personnel Committee	Recommended For Approval	Pass

Title

Subject:  Communication from the Director of City Development requesting the authorization to enter into a development agreement with Gorman and Company for the State at Main redevelopment project and the creation of a Tax Increment District to provide partial funding for the redevelopment.

(Item referred to Finance & Personnel Committee, the City Plan Commission, Redevelopment Authority, and Standing Joint Review Board.)      

Finance & Personnel Committee's recommendation 03-14-06: Approval of a three-party development agreement between City of Racine, Gorman and Company (d.b.a. State at Main LLC), and the Redevelopment Authority.

Fiscal Note:  No debt will be issued by the City.  Increment revenues from Tax Increment District No. 13 will be assigned to the developer.

Roll Call Vote:  Ayes:        Aldermen Friedel and Finley

                         Noes:        Alderman Sollman

                         Excused:  Aldermen Spangenberg and Karas