City of Racine - File #: 11-6060

• File #: 11-6060
• Version: A
• Name: DeltaHawk
• Type: Communication
• Status: Passed
• File created: 2/8/2011
• In control: Redevelopment Authority of the City of Racine
• Final action: 2/16/2011
• Title: Subject: (Direct Referral) Communication from the Director of City Development requesting that the City provide financial assistance to DeltaHawk Engines, Inc. for the expansion of its operations in the City of Racine. (Res.11-2417) Recommendation of the Redevelopment Authority 2-10-11: That the Mayor and City Clerk be authorized and directed to execute a financial assistance agreement with DeltaHawk Engines, Inc. Further recommends, that the agreement include the terms and conditions listed in Redevelopment Authority no. 11-02 and its attached termsheet. Fiscal Note: The financial assistance will be in the form of a phased loan. The amount of assistance will be $400,000 annually over three years (2011, 2012, 2013) up to $1,200,000, conditional upon the addition of 100 new jobs, a residents hiring preference, and other conditions. A pro-rata portion of the loan will be forgiven if job creation exceeds 100 jobs. The funds are available in the Intergovernmental Revenue Sharing (91...
• Related files: Res.11-2417

Date	Ver.	Action By	Action	Result
2/16/2011	A	Common Council	Approved as Presented	Pass
2/10/2011	A	Redevelopment Authority of the City of Racine	Recommended For Approval	Pass

Title

Subject: (Direct Referral) Communication from the Director of City Development requesting that the City provide financial assistance to DeltaHawk Engines, Inc. for the expansion of its operations in the City of Racine.  (Res.11-2417)

Recommendation of the Redevelopment Authority 2-10-11: That the Mayor and City Clerk be authorized and directed to execute a financial assistance agreement with DeltaHawk Engines, Inc.

Further recommends, that the agreement include the terms and conditions listed in Redevelopment Authority no. 11-02 and its attached termsheet.

Fiscal Note: The financial assistance will be in the form of a phased loan.  The amount of assistance will be $400,000 annually over three years (2011, 2012, 2013) up to $1,200,000, conditional upon the addition of 100 new jobs, a residents hiring preference, and other conditions.  A pro-rata portion of the loan will be forgiven if job creation exceeds 100 jobs.  The funds are available in the Intergovernmental Revenue Sharing (919) Account.