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Subject: Communication from the Director of City Development requesting that the City provide financial assistance to Summit Packaging Systems, Inc. for the expansion of its operations in the City of Racine. (Res.10-2264)
Recommendation of the Redevelopment Authority on 11-08-10: that the Authority supports the use of funds from the Intergovernmental Revenue Sharing account for financial assistance for Summit Packaging Systems, Inc., and that the financial assistance be conditioned upon Summit Packaging Systems, Inc., agreeing to give preference to City of Racine residents when filling open positions, and that the Mayor and City Clerk be authorized and directed to execute a financial assistance agreement with Summit Packaging Systems, Inc.
Fiscal Note: The proposed financial assistance is consistent with the provisions of sec. 46-268 of the Racine Municipal Code regarding the Intergovernmental Revenue Sharing (919) Account. Sufficient funds are available in the account.
Recommendation of the Finance & Personnel Committee on 11-08-10: That the Mayor and City Clerk be authorized to execute an agreement with Summit Packaging, Inc. to provide financial assistance for its relocation to and expansion at 3441 S. Memorial Drive.
Further recommends that the agreement include a requirement that Summit Packaging give preference to city residents when filling open positions.
Further recommends that the Mayor and City Clerk be authorized to execute amendment, assignment and assumption agreements concerning the use and maintenance of the railroad spur at 3441 S. Memorial Drive that was constructed by the city.
Fiscal Note: The proposed agreement would provide an annual payment to Summit Packaging over a ten year period if the residents hiring preference is complied with. The payment is calculated as 75% of the city real estate tax payment. The payment for 2011 is estimated to be $53,444. Payments would be made from the Intergovernmental Sewer Revenue Sharing (919)...
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