Sponsor
Alderman Shakoor
Title
Second Amendment to the Development Agreement with FDP MR, LLC for the Machinery Row Development
WHEREAS, FDP MR, LLC, Rodney A. Blackwell, the City of Racine (the “City”) and the Redevelopment Authority of the City of Racine (the “RDA”) entered into a Development Agreement on December 31, 2014 for Developer to purchase and completely renovate and redevelop the Property as that term is defined in the Development Agreement into a mixed-use, residential and commercial development, as described in greater detail therein, as a part of an overall project that is planned for 42 acres and referred to as Machinery Row Property (the “Development Agreement”). FDP MR, LLC and Rodney A. Blackwell are collectively referred to herein as “the Developer”. The Development Agreement was amended on February 1, 2016 (the “First Amendment”). A copy of the First Amendment including the Development Agreement is attached hereto as Exhibit A (hereafter referred collectively as the “Development Agreement, as amended”);
WHEREAS, the Machinery Row Property is located in the City’s Tax Incremental Finance District No. 18;
WHEREAS, the Developer and Principal have been working to move the redevelopment of the Machinery Row Property forward in accordance with the Development Agreement, as amended, but encountered difficulties with a tenant vacating the 900 Water Street Project building and removing the tenant’s personal property from the premises which caused delays in moving the redevelopment forward and obtaining appropriate financing commitments and meeting certain deadlines established by the Development Agreement, as amended;
WHEREAS, Developer and Principal have razed a portion of the 900 Water Street building that was immediately adjacent and abutting the Root River in accordance with approvals from the City to set the stage for the redevelopment of the Property and the promenade area abutting the Root River;
WHEREAS, the City has been awarded ...
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