City of Racine - File #: 14-10769

• File #: 14-10769
• Version: A
• Name: Choose Racine (Res. No. 14-0496)
• Type: Communication
• Status: Passed
• File created: 11/18/2014
• In control: Loan Board of Review
• Final action: 12/2/2014
• Title: Subject: (Direct Referral) Request of the Director of City Development to discuss revisions to the Choose Racine Program. (Res. No. 14-0496) Recommendation of the Loan Board of Review on November 20, 2014: that resolution 09-1588 of September 1, 2009, establishing a Choose Racine program, be rescinded. Fiscal Note: The program allowed qualified public employees to purchase homes from the city at 50% of list price. The program was intended to broaden the market for rehabilitated homes. However, it was not intended for newly constructed homes like the city is currently marketing and the program has not been effective in increasing demand for the rehabilitated homes. As a result, rescission will have no fiscal impact.
• Related files: Res.14-0496

Date	Ver.	Action By	Action	Result
12/2/2014	A	Common Council	Approved as Presented	Pass
11/20/2014	A	Loan Board of Review	Recommended For Approval	Pass

Title

Subject: (Direct Referral) Request of the Director of City Development to discuss revisions to the Choose Racine Program. (Res. No. 14-0496)

Recommendation of the Loan Board of Review on November 20, 2014:  that resolution 09-1588 of September 1, 2009, establishing a Choose Racine program, be rescinded.

Fiscal Note:  The program allowed qualified public employees to purchase homes from the city at 50% of list price. The program was intended to broaden the market for rehabilitated homes. However, it was not intended for newly constructed homes like the city is currently marketing and the program has not been effective in increasing demand for the rehabilitated homes. As a result, rescission will have no fiscal impact.