City of Racine - File #: Res.06-7244

• File #: Res.06-7244
• Version: A
• Name: Pointe Blue Development Agreement
• Type: Resolution
• Status: Passed
• File created: 9/22/2006
• In control: City Attorney's Office
• On agenda: 9/25/2006
• Final action: 9/25/2006
• Title: Pointe Blue Development Agreement Resolved, that the Mayor and the City Clerk be authorized and directed to enter into a development agreement between Key Bridge Group, Inc., its successors and assigns, Pointe Blue, LLC, its successors and assigns, the Redevelopment Authority, and the City of Racine for the Pointe Blue redevelopment project, including execution of a deed of sale. Fiscal Note: The agreement calls for the City to transfer the Walker property (valued at $1,250,000) to the developer and provide up to $21.6 million in financial assistance through a "pay as you go" tax increment district, and calls for the developer to construct a development with a minimum value of $185 million.

Date	Ver.	Action By	Action	Result
9/25/2006	A	Common Council	Adopted

Sponsor

Alderman Spangenberg

Title

Pointe Blue Development Agreement

Resolved, that the Mayor and the City Clerk be authorized and directed to enter into a development agreement between Key Bridge Group, Inc., its successors and assigns, Pointe Blue, LLC, its successors and assigns, the Redevelopment Authority, and the City of Racine for the Pointe Blue redevelopment project, including execution of a deed of sale.

Fiscal Note:  The agreement calls for the City to transfer the Walker property (valued at $1,250,000) to the developer and provide up to $21.6 million in financial assistance through a "pay as you go" tax increment district, and calls for the developer to construct a development with a minimum value of $185 million.