Title
Subject: (Direct Referral) Review of a proposal to purchase and develop the 3100 Block (odd) of Washington Avenue. (Res. No. 14-0249)
Recommendation of the Redevelopment Authority on 5-19-14: That the Common Council approve the report and action of the Redevelopment Authority granting Racine Renal Construction, LLC (a.k.a. PCI Health Dev) a 90 day option to purchase and redevelop the Authority's property at 3101 through 3121 Washington Avenue, 1219 Grove Avenue, and 1218 West Boulevard. The option shall be based on the proposal by Racine Renal Construction, LLC and the Authority's Request for Proposals.
Fiscal Note: Racine Renal Construction, LLC will pay an option fee of $10,000 when the option is executed. Racine Renal Construction, LLC proposes to pay the Authority the City Assessor's estimated value of the property or $200,000 (whichever is less) minus the net REC fee for the property. The option is so that Racine Renal Construction, LLC, can complete its due diligence, including obtaining a conditional use approval from the City Plan Commission and the Common Council.