Sponsor
Aldermen McCarthy and Wisneski
Title
Ordinance No. 16-09
To create Chapter 19, Article I. of the Municipal Code of the City of Racine, Wisconsin relating to Purchase Incentive Program for Municipal Employees Who are Non-Residents or Renters.
The Common Council of the City of Racine do ordain as follows:
Part 1:
Chapter 19, Article I of the Municipal Code of the City of Racine is hereby created to read as follows:
“Chapter 19
Purchase Incentive Program for Municipal Employees Who are Non-Residents or Renters
Article I. In General
Sec. 19-1. Purpose.
The primary purpose of this ordinance is to improve existing neighborhoods in greatest need within the City of Racine, by encouraging City, County and RUSD employees to build homes in the City. Other purposes include increasing the value of properties eligible to participate in the program offered by this ordinance and increasing the value of other properties in the neighborhoods where participating properties are located.
Sec.19-2. Definitions.
The following words, terms and phrases, when used in this article, shall have the meaning ascribed to them in this section, except when the context clearly indicates a different meaning:
The term Eligible Real Estate as used in this ordinance shall be defined to mean real property acquired by the City of Racine by means of foreclosure or nuisance action and subsequently cleared of all structures, and which meets the following qualifications:
(1) Be purchased from the City of Racine in a good faith transaction after the effective date of this ordinance;
(2) Acquired by the owner as the owner’s primary residence after the effective date of this ordinance:
Residence means:
(1) A house that is:
a. Occupied as the principal residence of the homeowner; and
b. Actually occupied (resided at) or expected to be actually occupied by the owner for more than 9 months of the 12-month period beginning with the later of the date of closing or the occupancy,...
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