Sponsor
Alderman Spangenberg
Title
DEVELOPMENT AGREEMENT FOR 141 MAIN STREET
WHEREAS, the City created Tax Increment District No. 13 for the purpose of a residential and commercial development at 141 Main Street; and
WHEREAS, Gorman and Company, the Redevelopment Authority of the City of Racine and the City have negotiated terms for a development agreement providing for implementation of the project; and
WHEREAS, Gorman and Company created "State at Main, LLC" for the purpose of this development.
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk be authorized and directed to enter into a development agreement with State at Main, LLC, and the Redevelopment Authority of the City of Racine for the project at 141 Main Street.
FISCAL NOTE: No debt will be issued by the City. Increment revenues from Tax Increment District No. 13 will be assigned to the developer.