City of Racine - File #: 14-10110

• File #: 14-10110
• Version: A
• Name: Amended Development Agreement 1130 Washington Avenue (Res. No. 14-0207)
• Type: Communication
• Status: Passed
• File created: 5/1/2014
• In control: Finance and Personnel Committee
• Final action: 5/20/2014
• Title: Subject: (Direct Referral) Review of an amended development agreement for the project at 1130 Washington Avenue. (Res. No. 14-0207) Recommendation of the Redevelopment Authority on 5-5-14: That an amendment to the development agreement between the Redevelopment Authority and Akil Ajmeri of Ayra's at 1130 Washington Avenue to extend the deadlines contained therein is approved, specifically that the deadline for compliance with the conditions related to Additional Development Assistance shall be July 31, 2014 and the tax years eligible for Tax Reimbursement Development Incentive shall be 2014 and 2015. Further, that the Chairperson and Executive Director are authorized to execute the amendment, subject to the review and approval of the City Attorney or his designee. Recommendation of the Finance & Personnel Committee on 5-12-14: Permission be granted to the Redevelopment Authority to accept an amended development agreement for the project at 1130 Washington Avenue. Further, that the C...
• Related files: Res.14-0207

Date	Ver.	Action By	Action	Result
5/20/2014	A	Common Council	Approved as Presented	Pass
5/12/2014	A	Finance and Personnel Committee	Recommended For Approval	Pass
5/5/2014	A	Redevelopment Authority of the City of Racine	Recommended For Approval

Title

Subject: (Direct Referral) Review of an amended development agreement for the project at 1130 Washington Avenue. (Res. No. 14-0207)

Recommendation of the Redevelopment Authority on 5-5-14: That an amendment to the development agreement between the Redevelopment Authority and Akil Ajmeri of Ayra's at 1130 Washington Avenue to extend the deadlines contained therein is approved, specifically that the deadline for compliance with the conditions related to Additional Development Assistance shall be July 31, 2014 and the tax years eligible for Tax Reimbursement Development Incentive shall be 2014 and 2015.

Further, that the Chairperson and Executive Director are authorized to execute the amendment, subject to the review and approval of the City Attorney or his designee.

Recommendation of the Finance & Personnel Committee on 5-12-14: Permission be granted to the Redevelopment Authority to accept an amended development agreement for the project at 1130 Washington Avenue. Further, that the Chairperson and Executive Director are authorized to execute the amendment, subject to the review and approval of the City Attorney or his designee.

Fiscal Note: Funds for the development assistance grant remain available in the TID 16.