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File #: 11-6362    Version: A Name: Option 3101-3121 Washignton Avenue
Type: Communication Status: Passed
File created: 4/27/2011 In control: Redevelopment Authority of the City of Racine
On agenda: Final action: 5/17/2011
Title: Subject: (Direct Referral) Accepting a proposal and granting an option for the purchase of redevelopment of 3101 through 3121 Washington Avenue, 1219 Grove Avenue, and 1218 West Boulevard. Recommendation of the Redevelopment Authority on 5-2-11: That the Common Council approve the report and action of the Redevelopment Authority granting Peter Schwabe (d.b.a. Big Bend Development, LLC) an option to purchase and redevelop the Authority’s property at 3101 through 3121 Washington Avenue, 1219 Grove Avenue, and 1218 West Boulevard. The option shall be based on Peter Schwabe’s proposal and the Authority’s Request for Proposals. Fiscal Note: Mr. Schwabe has paid the $1,000 fee required by the Authority’s RFP. He estimates the redevelopment will cost $3.5 million; he will consider additional commercial development on the property. He proposes to pay the Authority $200,000 for the property.
Attachments: 1. schwabe proposal_001, 2. RDA Resolution 11-06, 3. West Racine Development Opportunity RFP
Title
Subject: (Direct Referral) Accepting a proposal and granting an option for the purchase of redevelopment of 3101 through 3121 Washington Avenue, 1219 Grove Avenue, and 1218 West Boulevard.
 
Recommendation of the Redevelopment Authority on 5-2-11: That the Common Council approve the report and action of the Redevelopment Authority granting Peter Schwabe (d.b.a. Big Bend Development, LLC) an option to purchase and redevelop the Authority's property at 3101 through 3121 Washington Avenue, 1219 Grove Avenue, and 1218 West Boulevard. The option shall be based on Peter Schwabe's proposal and the Authority's Request for Proposals.
 
Fiscal Note: Mr. Schwabe has paid the $1,000 fee required by the Authority's RFP. He estimates the redevelopment will cost $3.5 million; he will consider additional commercial development on the property. He proposes to pay the Authority $200,000 for the property.