City of Racine - File #: 10-5647

• File #: 10-5647
• Version: A
• Name: RCEDC
• Type: Communication
• Status: Passed
• File created: 9/30/2010
• In control: Finance and Personnel Committee
• Final action: 10/19/2010
• Title: Subject: Communication from the Director of City Development submitting a request by the Racine County Economic Development Corporation for a loan guarantee for Altus Vinyl LLC. (Res.10-2225) Recommendation of the Redevelopment Authority on 10-4-10: that the Authority supports the use of $50,000.00 from the Intergovernmental Revenue Sharing Fund for a loan guarantee for Altus Vinyl, LLC; and further recommends that the guarantee be conditioned upon Altus Vinyl, LLC, agreeing to give preference to City of Racine residents when filling open positions; and further recommends that the Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee. Recommendation of the Finance & Personnel Committee on 10-11-10: Permission be granted for the City of Racine to guarantee a loan not to exceed $50,000 in a 5-year term for Altus Vinal, LLC. Fiscal note: The funds are available in the Intergovernmental Revenue Sharing (919) ...
• Related files: Res.10-2225

Date	Ver.	Action By	Action	Result
10/19/2010	A	Common Council	Approved as Presented	Pass
10/11/2010	A	Finance and Personnel Committee
10/5/2010	A	Common Council	Referred
10/4/2010	A	Redevelopment Authority of the City of Racine	Recommended For Approval	Pass

Title

Subject: Communication from the Director of City Development submitting a request by the Racine County Economic Development Corporation for a loan guarantee for Altus Vinyl LLC.  (Res.10-2225)

Recommendation of the Redevelopment Authority on 10-4-10: that the Authority supports the use of $50,000.00 from the Intergovernmental Revenue Sharing Fund for a loan guarantee for Altus Vinyl, LLC; and further recommends that the guarantee be conditioned upon Altus Vinyl, LLC, agreeing to give preference to City of Racine residents when filling open positions; and further recommends that the Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee.

Recommendation of the Finance & Personnel Committee on 10-11-10:  Permission be granted for the City of Racine to guarantee a loan not to exceed $50,000 in a 5-year term for Altus Vinal, LLC.

Fiscal note:  The funds are available in the Intergovernmental Revenue Sharing (919) Account and will be utilized for purchasing assets of the former Dynaseal, Inc., general working capital and start up expenses.