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Subject: (Direct Referral) Review of a memorandum of understanding between the City of Racine and Redevelopment Authority of the City of Racine for the status of the property at 1129 Michigan Boulevard (Harborside Property). (Res. No. 14-0043)
Recommendation of the Redevelopment Authority on 1-16-14: That the City and the Redevelopment Authority enter into a Memorandum of Agreement for the maintenance, general oversight and eventual transfer of ownership from the City to the Redevelopment Authority for the Harborside Parcel, as outlined in the Memorandum of Understand document attached to this file.
Further, that the Mayor of the City and the Chairman of the Redevelopment Authority, and their representives as indicated in the attached Memorandum of Understanding document, be authorized and directed to execute said document for the maintenance, general oversight and eventual transfer of ownership of the Harborside Parcel.
Fiscal Note: Costs will be addressed through funds secured from the US EPA and WEDC, TID 14, Intergovernmental Shared Revenue Fund, Capital Improvement Budget, Redevelopment Activities account as part of the Department of City Development budget, and future efforts to attract additional funds from multiple sources.