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File #: 0496-16    Version: A Name: Request by the Executive Director for recommendation that the Development Agreement between the City, the Redevelopment Authority of the City, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper M
Type: Communication Status: Passed
File created: 6/2/2016 In control: Redevelopment Authority of the City of Racine
On agenda: Final action: 6/6/2016
Title: Subject: (Direct Referral) Request by the Executive Director of the Redevelopment Authority for the approval of the Development Agreement between the City, the Redevelopment Authority of the City, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper Michigan, Inc. Recommendation of the Redevelopment Authority on 6-6-2016: That the development agreement between the City, the Redevelopment Authority, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper Michigan, Inc. be approved. Further that the Mayor, City Clerk, and Director of City Development be authorized to execute the agreement providing up to $676,000 (including capitalized interest) in financial assistance and an optional $75,000 of financial assistance to reimburse a subgrant fund for the proposed Veteran's Development (both from TIF District Increment) at 1520 and 1536 Clark Street through the Brownfield Clean...
Attachments: 1. Herman & Kittle Development Agreement and Exhibits, 2. 20160613 City staff Memo to Finance Committee re Herman and Kittle, 3. H&K 2 RCEDC Staff Memo, 4. H&K 3 Renderings, 5. H&K 4 Photos, 6. H&K 6 Draft Amortization Schedule with accrued interest, 7. RDA Res. 16-10 Herman and Kittle Development Agreement for Veterans Development
Related files: Res.0223-16

Title

Subject: (Direct Referral) Request by the Executive Director of the Redevelopment Authority for the approval of the Development Agreement between the City, the Redevelopment Authority of the City, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper Michigan, Inc.

Recommendation of the Redevelopment Authority on 6-6-2016: That the development agreement between the City, the Redevelopment Authority, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper Michigan, Inc. be approved.  Further that the Mayor, City Clerk, and Director of City Development be authorized to execute the agreement providing up to $676,000 (including capitalized interest) in financial assistance and an optional $75,000 of financial assistance to reimburse a subgrant fund for the proposed Veteran's Development (both from TIF District Increment) at 1520 and 1536 Clark Street through the Brownfield Cleanup Revolving Loan Fund (BC-RLF) as set forth under the terms of the development agreement.

Recommendation of the Finance & Personnel Committee on 6-13-2016: That the development agreement between the City, the Redevelopment Authority, Herman & Kittle Properties, Inc., 1520 Clark Street, L.P. and Wisconsin Social Services of Wisconsin and Upper Michigan, Inc. be approved.  Further that the Mayor, City Clerk, and Director of City Development be authorized to execute the agreement providing up to $676,000 (including capitalized interest) in financial assistance and an optional $75,000 of financial assistance to reimburse a subgrant fund for the proposed Veteran's Development (both from TIF District Increment) at 1520 and 1536 Clark Street through the Brownfield Cleanup Revolving Loan Fund (BC-RLF) as set forth under the terms of the development agreement.


Fiscal Note: Funds were budgeted in the BC-RLF proposal for a Veteran's project in Uptown this year.