City of Racine - File #: 06-1936

• File #: 06-1936
• Version: A
• Name: RCEDC requesting a City loan guarantee to Schmidt Industrial Truck.
• Type: Communication
• Status: Passed
• File created: 5/12/2006
• In control: Finance and Personnel Committee
• Final action: 7/5/2006
• Title: Subject: Communication from Racine County Economic Development Corporation requesting a City loan guarantee for a business loan to Schmidt Industrial Truck. Recommendation of 06-12-06: That the item be deferred Recommendation of 06-26-06: That the City of Racine guarantee a business loan from the Racine County Economic Development Corporation to Schmidt Industrial Truck, Inc., said guarantee not to exceed $100,000.00 for a term of five years. Further recommends that the appropriate City officials be authorized to execute a Limited Guaranty of Specific Transaction documenting said guarantee. Fiscal Note: There are sufficient funds available in the City Industrial/Economic Development fund.
• Related files: Res.06-7110

Date	Ver.	Action By	Action	Result
7/5/2006	A	Common Council	Approved as Presented	Pass
6/26/2006	A	Finance and Personnel Committee	Recommended For Approval	Pass
6/12/2006	A	Finance and Personnel Committee	Deferred
5/16/2006	A	Common Council	Referred

Title

Subject:  Communication from Racine County Economic Development Corporation requesting a City loan guarantee for a business loan to Schmidt Industrial Truck.

Recommendation of 06-12-06:  That the item be deferred

Recommendation of 06-26-06:  That the City of Racine guarantee a business loan from the Racine County Economic Development Corporation to Schmidt Industrial Truck, Inc., said guarantee not to exceed $100,000.00 for a term of five years.  Further recommends that the appropriate City officials be authorized to execute a Limited Guaranty of Specific Transaction documenting said guarantee.

Fiscal Note: There are sufficient funds available in the City Industrial/Economic Development fund.