City of Racine - File #: 09-4079

• File #: 09-4079
• Version: A
• Name: Gorman & Company agreement amendment
• Type: Communication
• Status: Passed
• File created: 8/28/2009
• In control: Finance and Personnel Committee
• Final action: 9/15/2009
• Title: Subject: Request from Gorman and Company to amend the development agreement for the State at Main Development to increase the tax increment revenue bond by $88,000. (Res.09-1604) Recommendation of the Finance & Personnel Committee on 09-08-09: That the Mayor and City Clerk be authorized and directed to enter into an amended development agreement with Gorman and Company for the State and Main Street Development Project in Tax Incremental Financing District #13. Fiscal Note: The amended agreement will allow Gorman and Company the ability to possibly recover an additional $88,000 of eligible expenses incurred by the project. The total recoverable amount will increase to $1,888,000.
• Related files: Res.09-1604

Date	Ver.	Action By	Action	Result
9/15/2009	A	Common Council	Approved as Presented	Pass
9/8/2009	A	Finance and Personnel Committee
9/1/2009	A	Common Council	Referred

Title

Subject: Request from Gorman and Company to amend the development agreement for the State at Main Development to increase the tax increment revenue bond by $88,000.  (Res.09-1604)

Recommendation of the Finance & Personnel Committee on 09-08-09:  That the Mayor and City Clerk be authorized and directed to enter into an amended development agreement with Gorman and Company for the State and Main Street Development Project in Tax Incremental Financing District #13.

Fiscal Note: The amended agreement will allow Gorman and Company the ability to possibly recover an additional $88,000 of eligible expenses incurred by the project.  The total recoverable amount will increase to $1,888,000.