City of Racine - File #: 0059-16

• File #: 0059-16
• Version: A
• Name: (Res No. 0041-16)
• Type: Communication
• Status: Committee Report To Council
• File created: 1/20/2016
• In control: Loan Board of Review
• Final action: 2/2/2016
• Title: Subject: (Direct Referral) A request by the Interim Director of City Development to accept the offer of Twin Properties LLC, to purchase 1547 S. Memorial Drive, a property received through foreclosure action. (Res No. 0041-16) Recommendation of the Loan Board of Review on January 21, 2016: To approve the request by the Interim Director of City Development to accept the offer to purchase 1547 S. Memorial Drive by Twin Properties LLC. Fiscal Note: This properpty was received through a foreclosure action. The City will receive $32,750 in proceeds from the sale, minus commissions and closing costs. Funds to be returned to CDBG loan fund account #20404.
• Related files: Res.0041-16

Date	Ver.	Action By	Action	Result
2/2/2016	A	Common Council	Approved as Presented	Pass
1/21/2016	A	Loan Board of Review	Recommended For Approval	Pass

Title

Subject: (Direct Referral) A request by the Interim Director of City Development to accept the offer of Twin Properties LLC, to purchase 1547 S. Memorial Drive, a property received through foreclosure action. (Res No. 0041-16)

Recommendation of the Loan Board of Review on January 21, 2016:  To approve the request by the Interim Director of City Development to accept the offer to purchase 1547 S. Memorial Drive by Twin Properties LLC.

Fiscal Note:  This properpty was received through a foreclosure action. The City will receive $32,750 in proceeds from the sale, minus commissions and closing costs. Funds to be returned to CDBG loan fund account #20404.