City of Racine - File #: 1124-16

• File #: 1124-16
• Version: A
• Name: Culinary Infusions Tax Increment Incentive (Res No. 0025-17)
• Type: Communication
• Status: Passed
• File created: 1/6/2017
• In control: Finance and Personnel Committee
• Final action: 2/7/2017
• Title: Subject: Request by the Executive Director of the Redevelopment Authority supporting an economic incentive from tax increment district #19 to Culinary Infusions at 2219 Washington Avenue for the renovation of the historic property toward the creation of an event facility. (Res No. 0025-17) Recommendation of the Redevelopment Authority on 1-9-17: That the incentive for financial assistance from tax increment district #19 be approved subject to conditions and that the Mayor and City Clerk be authorized and directed to execute an agreement with Culinary Infusions. Recommendation of the Finance & Personnel Committee on 1/23/17: That the incentive for financial assistance from tax increment district #19 be approved subject to conditions and that the Mayor and City Clerk be authorized and directed to execute an agreement with Culinary Infusions. Fiscal note: The Incentive request is for a total of $80,971 over five years or $16,194 per year from TID #19 (Uptown). Because the incentive i...
• Related files: Res.0025-17

Date	Ver.	Action By	Action	Result
2/7/2017	A	Common Council	Approved as Presented	Pass
1/23/2017	A	Finance and Personnel Committee	Recommended For Approval	Pass
1/17/2017	A	Common Council	Approved as Presented	Pass
1/9/2017	A	Redevelopment Authority of the City of Racine

Title

Subject: Request by the Executive Director of the Redevelopment Authority supporting an economic incentive from tax increment district #19 to Culinary Infusions at 2219 Washington Avenue for the renovation of the historic property toward the creation of an event facility. (Res No. 0025-17)

Recommendation of the Redevelopment Authority on 1-9-17: That the incentive for financial assistance from tax increment district #19  be approved subject to conditions and that the Mayor and City Clerk be authorized and directed to execute an agreement with Culinary Infusions.

Recommendation of the Finance & Personnel Committee on 1/23/17: That the incentive for financial assistance from tax increment district #19  be approved subject to conditions and that the Mayor and City Clerk be authorized and directed to execute an agreement with Culinary Infusions.

Fiscal note: The Incentive request is for a total of $80,971 over five years or $16,194 per year from TID #19 (Uptown). Because the incentive is a “pay-as-you-go” incentive, the private taxable investment will be made before the incentive will be provided. Therefore, funds are projected to be available within TID #19 and continue to be available for the five-year period of the agreement.