Sponsor
Alderman Shakoor
Title
Authorization to execute an agreement with ButterBuds Food Ingredients to provide financial assistance for its expansion at 2330 Chicory Road and 3911-3931 S. Memorial Drive.
Resolved, that the Mayor and City Clerk be authorized and directed to execute an agreement with ButterBuds Food Ingredients, a division of Cumberland Packing Corporation, to provide financial assistance for its expansion at 2330 Chicory Road and 3911-3931 S. Memorial Drive.
Further resolved, that the agreement include a requirement that ButterBuds Food Ingredients give preference to City residents when filling open positions.
Fiscal Note: ButterBuds will be provided with assistance in the form of a "tax rebate." The estimated value of the rebate is $54,000 each year for ten years (this estimate assumes no change in tax rate or assessed value). In exchange for the rebate, the company will commit to expand in Racine (retain 55 employees and add 22 more), acquire an adjacent property, and offer open positions to residents of the City of Racine. Funds for the rebate are available in the Intergovernmental Revenue Sharing (919) Account.