City of Racine - File #: 0799-26

• File #: 0799-26
• Version: A
• Name: Subject:Communication sponsored by Mayor Mason seeking an amendment to the Tax Increment District 25 tax increment financing agreement with J. Jeffers & Co., LLC, as to 2220 Northwestern Avenue, LLC. Staff Recommendation: To be discussed Fiscal Not
• Type: Communication
• Status: Committee Report To Council
• File created: 8/31/2026
• In control: Finance and Personnel Committee
• On agenda: 9/15/2026
• Final action: 9/15/2026
• Title: Subject: Communication sponsored by Mayor Mason seeking an amendment to the Tax Increment District 25 tax increment financing agreement with J. Jeffers & Co., LLC, as to 2220 Northwestern Avenue, LLC. Recommendation of the Finance and Personnel Committee on 09-08-2026: To Approve as discussed in Closed Session. Fiscal Note: The agreement will extend the City’s existing $5 million loan to the developer through 2033, with interest accruing at a rate of 3.25% during the extended term. No additional funds will be provided to the developer. The agreement will include a personal guarantee from the developer for repayment of the loan and the required monthly payments going forward. The agreement also requires payment of delinquent interest from an established escrow account in the amount of $338,541.67.

Date	Ver.	Action By	Action	Result
9/15/2026	A	Common Council
9/15/2026	A	Common Council	Approved	Pass
9/8/2026	A	Finance and Personnel Committee	Recommended For Approval
9/1/2026	A	Common Council	Referred

Title

Subject: Communication sponsored by Mayor Mason seeking an amendment to the Tax Increment District 25 tax increment financing agreement with J. Jeffers & Co., LLC, as to 2220 Northwestern Avenue, LLC.

Recommendation of the Finance and Personnel Committee on 09-08-2026: To Approve as discussed in Closed Session.

Fiscal Note: The agreement will extend the City’s existing $5 million loan to the developer through 2033, with interest accruing at a rate of 3.25% during the extended term. No additional funds will be provided to the developer. The agreement will include a personal guarantee from the developer for repayment of the loan and the required monthly payments going forward. The agreement also requires payment of delinquent interest from an established escrow account in the amount of $338,541.67.