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Subject: (Direct Referral) Request by Racine County Economic Development Corporation for the City to provide local matching funds, in an amount not to exceed $66,000 for a Wisconsin Coastal Management Grant, for the Machinery Row stormwater/green infrastructure (hard costs) implementation. (Res. No. 14-0415)
Recommendation of the Redevelopment Authority on 10-6-14: That funds be provided by the City to the Racine County Economic Development Corporation, not to exceed $66,000, as a match to Wisconsin Costal Management funds for stormwater/green infrastructure facilities in areas adjacent to the Root River in the Machinery Row area.
Further, that the City and RCEDC enter into a Memorandum of Understanding (MOU) to establish the terms under which City funds will be transferred to RCEDC.
Further, that the Mayor, the Chairman of the Redevelopment Authority, and the City Clerk execute a MOU with RCEDC.
Recommendation of the Finance and Personnel Committee on 10-14-14: That up to $66,000 be provided from the 919 Intergovernmental Shared Revenue Fund to the Racine County Economic Development Corporation, as a match to Wisconsin Costal Management funds for stormwater/green infrastructure facilities in areas adjacent to the Root River in the Machinery Row area.
Further, that the City and RCEDC enter into a Memorandum of Understanding (MOU) to establish the terms under which City funds will be transferred to RCEDC.
Further, that the Mayor, the Chairman of the Redevelopment Authority, and the City Clerk execute a MOU with RCEDC.
Fiscal Note: A grant of up to $110,000 is to be applied for, accepted, executed and implemented on behalf of the City by RCEDC. The grant requires a 60% local match. Funds are available in the 919 Intergovernmental Shared Revenue Fund.