City of Racine - File #: 06-2873

• File #: 06-2873
• Version: A
• Name: Industrial/Commercial Building Revolving Loan Fund
• Type: Communication
• Status: Passed
• File created: 11/27/2006
• In control: Economic Development Committee
• Final action: 12/19/2006
• Title: Subject: The Racine County Economic Development Corporation proposal for the re-capitalization of the City of Racine Industrial/Commercial Building- Revolving Loan Fund for approval. This proposal seeks City approval for a multi-bank line of credit that can be drawn upon for making new loans from this fund. Recommendation: the City of Racine Industrial/Commercial Building- Revolving Loan Fund multi-bank line of credit be approved. Fiscal Note: The existing fund has used almost all of its capital for loans to Racine companies. The recapitalization will allow continuation of the program by providing a $1.0 million line of credit at below prime interest rates for loans to Racine companies.
• Related files: Res.06-7386

Date	Ver.	Action By	Action	Result
12/19/2006	A	Common Council	Approved as Presented	Pass
12/11/2006	A	Economic Development Committee	Recommended For Approval	Pass
12/5/2006	A	Common Council	Referred

Title

Subject: The Racine County Economic Development Corporation proposal for the re-capitalization of the City of Racine Industrial/Commercial Building- Revolving Loan Fund for approval.  This proposal seeks City approval for a multi-bank line of credit that can be drawn upon for making new loans from this fund.

Recommendation:  the City of Racine Industrial/Commercial Building- Revolving Loan Fund multi-bank line of credit be approved.

Fiscal Note:  The existing fund has used almost all of its capital for loans to Racine companies. The recapitalization will allow continuation of the program by providing a $1.0 million line of credit at below prime interest rates for loans to Racine companies.