Sponsor
Alderman Wiser
Title
Event Center at 233 Lake Avenue
RESOLVED, that a preferred financing model for the development, financing, and construction of an event center on the Redevelopment Authority of the City of Racine (RDA)-owned property at 233 Lake Avenue, and authorization and direction to city staff to pursue certain partnership engagement efforts required to further develop the financing model and recruitment of a private, full-service hotel, is adopted.
WHEREAS, The City of Racine (City), as represented by its elected board of aldermen serving as the Committee of the Whole, and the RDA, as represented by its members, were jointly presented with the detailed results of the Phase I - due-diligence process for an event center and hotel project;
WHEREAS, this Phase I, due-diligence process, commissioned City staff and consultants to recommend conceptual programming, conceptual architectural and site design, construction cost estimates based upon the conceptual architectural plans, operating pro-formas, and possible financing models, for an event center and full-service hotel proposed for construction on the RDA-owned property at 233 Lake Avenue;
WHEREAS, the programming, architectural, operating, and financing models were presented to the City and the RDA on both June 20, 2017 and June 27, 2017;
WHEREAS, the goals of the recommended financing model were to: 1) Use new revenues resulting from the event center and hotel to help capitalize the project; 2.) Share reserves from other economic development funding sources with a similar focus and mission (tax increment districts & intergovernmental funds); and 3.) Minimize the overall possible burden to Racine City property tax payers;
WHEREAS, the recommended financing model is designed to rely on several revenue sources to pay for both the up-front and amortized debt service costs of the event center;
WHEREAS, in order to commit to financing the design, construction, and operation of the proposed ...
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