City of Racine - File #: 11-6721

• File #: 11-6721
• Version: A
• Name: OFP 1526 Washington Ave (Res. 11-2704)
• Type: Communication
• Status: Passed
• File created: 7/27/2011
• In control: Redevelopment Authority of the City of Racine
• Final action: 8/16/2011
• Title: Subject: (Direct Referral) Communication from First Weber Group submitting an offer to purchase 1526 Washington Avenue. (Res. 11-2704) Recommendation of the Redevelopment Authority on 8-1-11: That the Common Council approve the sale of 1526 Washington Avenue to Mei H. Li and Yudong Zeng. Fiscal Note: Purchase price $111,000; cash offer, no financing contingency, buyer has provided proof of sufficient available funds. The Authority listed the building at $120,000. The net sale, after broker's commission, will be approximately $104,340. Proceeds will be applied to the expenses of the Uptown redevelopment, particularly funds advanced from Tax Incremental District No. 16.
• Related files: Res.11-2704

Date	Ver.	Action By	Action	Result
8/16/2011	A	Common Council	Approved as Presented	Pass
8/1/2011	A	Redevelopment Authority of the City of Racine	Recommended For Approval	Pass

Title

Subject: (Direct Referral) Communication from First Weber Group submitting an offer to purchase 1526 Washington Avenue. (Res. 11-2704)

Recommendation of the Redevelopment Authority on 8-1-11: That the Common Council approve the sale of 1526 Washington Avenue to Mei H. Li and Yudong Zeng.

Fiscal Note: Purchase price $111,000; cash offer, no financing contingency, buyer has provided proof of sufficient available funds.  The Authority listed the building at $120,000. The net sale, after broker's commission, will be approximately $104,340.  Proceeds will be applied to the expenses of the Uptown redevelopment, particularly funds advanced from Tax Incremental District No. 16.