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Subject: (Direct Referral) Communication from Gordon Kacala of Racine County Economic Development Corporation requesting authorization to apply for and accept a matching grant from the US Economic Development Administration to recapitalize the City's Industrial/Commercial Building Revolving Loan Fund. (Res. 11-7074)
Recommendation of the Redevelopment Authority on 11-8-11: that the Authority supports the use of funds from the Intergovernmental Revenue Sharing Fund to match a grant from the US EDA for recapitalizing the Industrial/Commercial Building Revolving Loan Fund.
Further recommends, that the Executive Director of RCEDC be authorized and directed on behalf of the City of Racine to apply for and to accept from the US EDA the proposed grant.
Further recommends, that the Finance Director be authorized and directed to segregate and restrict in a separate account five hundred thousand dollars ($500,000.00) from the Intergovernmental Revenue Sharing account no. 919.000.1180 for the local match for the grant.
Further recommends, that the Mayor and City Clerk be authorized and directed to execute such grant agreements with US EDA and RCEDC as may be necessary to implement this resolution.
Further recommends, that this item be referred to the Finance and Personnel Committee of the Common Council for its review and approval.
Fiscal Note: The funds are available in the Intergovernmental Revenue Sharing (919) Account.
Recommendation of the Finance & Personnel Committee on 11-21-11: Adopt the November 8, 2011 recommendation of the Redevelopment Authority.
Fiscal Note: The funds are available in the Intergovernmental Revenue Sharing (919) Account.