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Subject: (Direct Referral) Request by Racine County Economic Development Corporation (RCEDC) for the City to provide local matching funds in an amount not to exceed $30,000 to augment funds from private partners, for a Wisconsin Coastal Management Grant for RootWorks Area Riverfront Planning. (Res. No. 14-0414)
Recommendation of the Redevelopment Authority on 10-6-2014: That the Authority recommends that funds be provided by the City to the Racine Economic Development Corporation (RCEDC) as matching funds, not to exceed $30,000, to augment funds anticipated from private partners to engage in riverfront area planning for areas adjacent to the Root River in the RootWorks area.
Further, that the City and RCEDC enter into a Memorandum of Understanding (MOU) to establish terms under which City funds shall be transferred to RCEDC.
Further, that the Mayor, Chairman of the Redevelopment Authority, and the City Clerk be authorized to execute the MOU.
Recommendation of the Finance and Personnel Committee on 10-14-14: That up to $30,000 be provided from the 919 Intergovernmental Shared Revenue Fund to the Racine Economic Development Corporation (RCEDC) as matching funds, to augment funds anticipated from private partners to engage in riverfront area planning for areas adjacent to the Root River in the RootWorks area.
Further, that the City and RCEDC enter into a Memorandum of Understanding (MOU) to establish terms under which City funds shall be transferred to RCEDC.
Further, that the Mayor, Chairman of the Redevelopment Authority, and the City Clerk be authorized to execute the MOU.
Fiscal Note: A grant of up to $60,000 is to be applied for, accepted, executed, and implemented on behalf of the City by RCEDC. The grant requires a 50% local match. Funds are available in the 919 Intergovernmental Shared Revenue Fund.