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Subject: (Direct Referral) Communication from the Director of City Development requesting an advance of funds from the Intergovernmental Revenue Sharing Fund to be repaid from Tax Incremental District no. 17 (Porters of Racine Building). (Res. 12-3045)
Recommendation of the Redevelopment Authority on 3-5-12: That the Authority supports the use of funding from Intergovernmental Revenue Sharing Fund for financial assistance for the redevelopment of the Porters of Racine Building.
Further recommends that the Mayor and City Clerk be authorized to execute a development agreement with the developer, subject to the following:
· That the terms of the agreement are substantially the same as the terms in the term sheet dated February 28, 2012 and presented to the Redevelopment Authority on March 5, 2012;
· That the agreement includes such provisions as the Director of City Development and City Attorney shall determine to be necessary and appropriate for such an agreement; and
· That the Common Council approve the expenditure of $1,260,000 from the Intergovernmental Revenue Sharing Fund to implement the agreement, of which $1.1 million shall be an advance to TID-17 to be repaid by tax increment at three percent interest and $160,000 to be a façade grant on a matching basis.
Fiscal Note: The funds are available in the Intergovernmental Revenue Sharing (919) Account.