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File #: Res.06-6953    Version: A Name: AGREEMENT 141 MAIN STREET
Type: Resolution Status: Passed
File created: 3/16/2006 In control: City Attorney's Office
On agenda: 3/21/2006 Final action: 3/21/2006
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.
Sponsors: James Spangenberg

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.