Sponsor
Alderman Shakoor
Title
Intergovernmental Revenue Sharing Fund to be repaid from Tax Incremental District no. 17 (Porters of Racine Building)
Resolved, that the Mayor and City Clerk are 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.