Sponsor
Alderman Spangenberg
Title
RESOLUTION APPROVING THE ISSUANCE OF $1,800,000 TAXABLE TAX INCREMENT REVENUE BOND (STATE AT MAIN DEVELOPMENT, LLC PROJECT) BY THE REDEVELOPMENT AUTHORITY OF THE CITY OF RACINE, PROVIDING FOR CONTRIBUTION PAYMENTS BY THE CITY AND APPROVING RELATED DOCUMENTS AND TRANSACTIONS
WHEREAS, the Redevelopment Authority of the City of Racine, Wisconsin (the "Authority") has determined certain property located in Tax Incremental District No. 13 ("TID No. 13") of the City of Racine, Wisconsin (the "City") to be blighted within the meaning of Section 66.1333, Wisconsin Statutes; and
WHEREAS, the Common Council, in a Resolution adopted on March 7, 2005, found such property to be "blighted property" within the meaning of Section 66.1333 (2m)(bm); and
WHEREAS, the Authority proposes to carry out a program of blight elimination and urban renewal with respect to such blighted property in TID No. 13, as described in the Project Plan for TID No. 13; and
WHEREAS in order to further their redevelopment efforts with respect to such blighted property in TID No. 13, the Authority and the City propose to enter into a Development Agreement substantially in the form attached hereto as Exhibit A (the "Development Agreement") with State at Main Development, LLC (the "Developer"); and
WHEREAS, pursuant to the terms of the Development Agreement, the Authority will authorize the issuance of its Taxable Tax Increment Revenue Bond in an amount equal to $1,800,000, or such lesser amount as is determined pursuant to the terms of the Development Agreement, (the "Bond") to the Developer in consideration for the obligations undertaken by the Developer under the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City as follows:
Section 1. Agreement to Make Contribution Payments. In consideration of the benefits derived by the City from the issuance of the Bond, including blight elimination, urban renewal and the creation of tax ba...
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