City of Racine - File #: 1092-24

• File #: 1092-24
• Version: A
• Name: 2915 Douglas Ave. CDBG Loan
• Type: Communication
• Status: Passed
• File created: 12/3/2024
• In control: Community Development Block Grant Advisory Board
• On agenda: 1/21/2025
• Final action: 1/21/2025
• Title: Subject: Communication sponsored by Mayor Mason to issue a Community Development Block Grant (CDBG) home repair loan to 2915 Douglas Ave. Recommendation of the CDBG Advisory Board on 12-09-24: To approve the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 2915 Douglas Ave. Recommendation of the Common Council on 01-07-2025: That the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 2915 Douglas Ave be Deferred to the next Common Council

Date	Ver.	Action By	Action	Result
1/21/2025	A	Common Council	Approved as Presented	Pass
1/7/2025	A		Deferred
1/7/2025	A	Common Council	Deferred	Pass
12/9/2024	A	Community Development Block Grant Advisory Board	Recommended For Approval	Pass

Title

Subject: Communication sponsored by Mayor Mason to issue a Community Development Block Grant (CDBG) home repair loan to 2915 Douglas Ave.

Recommendation of the CDBG Advisory Board on 12-09-24: To approve the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 2915 Douglas Ave.

Recommendation of the Common Council on 01-07-2025: That the terms as presented for the CDBG home repair loan and forgivable grant to the owner of 2915 Douglas Ave be Deferred to the next Common Council

Fiscal Note: $36,950 is the total project cost, $10,000 is a TID grant through the CDA, $13,475 is a forgivable grant, and $13,475 is a loan at 0.75% interest. There are sufficient funds available in the CDBG Revolving Loan Fund.