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File #: 0250-25    Version: A Name:
Type: Communication Status: Passed
File created: 2/28/2025 In control: Finance and Personnel Committee
On agenda: 4/2/2025 Final action: 4/2/2025
Title: Subject: Communication sponsored by Mayor Mason and Alder Coe, on behalf of the Director of City Development, requesting permission to enter into a Development Incentive Agreement with Dominion 12, LLC and Dominion 14, LLC, and AOA Racine, LLC for the Dominion Downtown Phase 2 project. Recommendation of the Finance and Personnel Committee on 03-10-2025: That the Mayor and City Clerk be authorized to enter into a Development Incentive Agreement and execute all necessary documents with Dominion 12, LLC and Dominion 14, LLC, and AOA Racine, LLC for the Dominion Downtown Phase 2 project. Fiscal Note: The $9.7M loan to the developer will come from the following sources: · $5.7 million will be transferred from TID #9 (Johnson Building)-Cash is available for this transfer · $4 million will come from a City borrowing from the Board of Commissioners of Public Lands as authorized by the Common Council.
Attachments: 1. 2025.03.07_Dominion Downtown Phase 2 Presentation, 2. Dominion Downtown Phase 2 ABM, 3. Dominion Phase 2 Mar 2025 BID, 4. #0250-25 Resolution

Title

Subject: Communication sponsored by Mayor Mason and Alder Coe, on behalf of the Director of City Development, requesting permission to enter into a Development Incentive Agreement with Dominion 12, LLC and Dominion 14, LLC, and AOA Racine, LLC for the Dominion Downtown Phase 2 project.

 

Recommendation of the Finance and Personnel Committee on 03-10-2025: That the Mayor and City Clerk be authorized to enter into a Development Incentive Agreement and execute all necessary documents with Dominion 12, LLC and Dominion 14, LLC, and AOA Racine, LLC for the Dominion Downtown Phase 2 project.

Fiscal Note: The $9.7M loan to the developer will come from the following sources:

•                     $5.7 million will be transferred from TID #9 (Johnson Building)-Cash is available for this transfer

•                     $4 million will come from a City borrowing from the Board of Commissioners of Public Lands as authorized by the Common Council.