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Subject: An offer to Quit-claim 1350 & 1354 State Street Properties to the City of Racine (Res.08-1000)
Recommendation of Redevelopment Authority on 8-06-08: That the Common Council, pursuant to sec. 66.1333 (5) (b) Wis. Stats., authorize and direct the Redevelopment Authority to acquire the properties at 1350 and 1354 State Street.
Further Recommends, that the Common Council provide funds in the amount of up to $50,000.00 for closing costs, demolition of structures on the property, and one-year's costs of holding the property. The Authority recommends that Intergovernmental Revenue Sharing Funds be used for this purpose.
Further Recommends, that this request be referred to the Finance and Personnel Committee of the Common Council for review and approval.
Recommendation of the Finance & Personnel Committee on 8-27-08: That the Quit-claim for 1350 & 1354 State Street Properties to the City of Racine be approved pursuant to sec. 66.1333 (5) (b) Wis. Stats. and that the Intergovernmental Revenue Sharing Fund advance up to $50,000.00 for closing costs, demolition of structures on the property and one-year's costs of holding the property.
Fiscal Note: The property is being donated to the City at no cost. Inter-governmental shared revenues will be required for the closing and demolition costs.