Sponsor
Alderman Spangenberg
Title
Mayor and City Clerk be authorized and directed to execute a financial assistance agreement with DeltaHawk Engines, Inc., to renovate the property at 2300 South Street
Whereas, the Racine County Economic Development Corporation and the Department of City Development have requested that the City of Racine provide financial assistance for DeltaHawk Engines, Inc., to renovate the property at 2300 South Street for its use; and
Whereas, sec. 46-268 of the Racine Municipal Code calls for the Redevelopment Authority to advise the Common Council on the use of Intergovernmental Revenue Sharing (Sewer Agreement) Funds and the Authority supports the use of the Intergovernmental Revenue Sharing Fund for the financial assistance for DeltaHawk Engines, Inc.
Resolved, that the Mayor and City Clerk be authorized and directed to execute a financial assistance agreement with DeltaHawk Engines, Inc.
Further resolved, that the agreement include the terms and conditions recommended by the Redevelopment Authority.
Fiscal Note: The financial assistance will be in the form of a phased forgivable loan. The amount of the assistance will be $400,000 annually over three years (2011, 2012, 2013) up to $1,200,000, conditional upon the addition of 100 new jobs, a residents hiring preference, and other conditions. The funds are available in the Intergovernmental Revenue Sharing (919) Account.