City of Racine - File #: Res.11-2831

• File #: Res.11-2831
• Version: A
• Name: Approval of the granting of an option by the Redevelopment Authority.
• Type: Resolution
• Status: Passed
• File created: 11/15/2011
• In control: City Attorney's Office
• Final action: 11/15/2011
• Title: Approval of the granting of an option by the Redevelopment Authority. Resolved, that the report of the Redevelopment Authority, regarding the granting of an option to Akil Ajmeri (d.b.a. Akil, LLC) to purchase Authority-owned properties at 1116 through 1152 Washington Avenue and 1309 Eleventh Street for redevelopment consistent with his proposal dated August 30, 2011 and Redevelopment Authority resolution 11-17, is approved. Fiscal Note: The option is for six months during which Mr. Ajmeri would obtain regulatory approvals and satisfy contingencies. Mr. Ajmeri will pay a $1,000 option fee and $10,000 for the property upon closing. He has proposed to develop a gas station, convenience store and sandwich shop, and car wash.
• Sponsors: Q.A. Shakoor II
• Related files: 11-6868

Date	Ver.	Action By	Action	Result
11/15/2011	A	Common Council	Adopted	Pass

Sponsor

Alderman Shakoor

Title

Approval of the granting of an option by the Redevelopment Authority.

Resolved, that the report of the Redevelopment Authority, regarding the granting of an option to Akil Ajmeri (d.b.a. Akil, LLC) to purchase Authority-owned properties at 1116 through 1152 Washington Avenue and 1309 Eleventh Street for redevelopment consistent with his proposal dated August 30, 2011 and Redevelopment Authority resolution 11-17, is approved.

Fiscal Note: The option is for six months during which Mr. Ajmeri would obtain regulatory approvals and satisfy contingencies. Mr. Ajmeri will pay a $1,000 option fee and $10,000 for the property upon closing. He has proposed to develop a gas station, convenience store and sandwich shop, and car wash.