City of Racine - File #: 51-17

• File #: 51-17
• Version: A
• Name: Communication from the City Attorney requesting to meet with the Finance and Personnel Committee in Closed Session pursuant to Wisconsin Statues section 19.85(1)(g), regarding litigation strategy to enforce a HOME loan made to Main-Lake LLC, Loan #95-54-0
• Type: Communication
• Status: Passed
• File created: 1/19/2017
• In control: Finance and Personnel Committee
• Final action: 3/7/2017
• Title: Subject: (Direct Referral) Communication from the City Attorney requesting to meet with the Finance and Personnel Committee in Closed Session pursuant to Wisconsin Statute section 19.85(1)(g), regarding litigation strategy to enforce a HOME loan made to Main-Lake LLC, Loan #95-54-002 in the amount of $800,000. (Res No. 0077-17) Recommendation of the Finance & Personnel Committee on 1-23-17: To refer to the Executive Committee. Recommendation of the Finance & Personnel Committee on 2/27/17: Approve the negotiation settlement. Fiscal Note: City of Racine to receive $400,000 from Main Lake, LLC’s successor, which will be returned to the HOME loan fund.
• Related files: Res.0077-17

Date	Ver.	Action By	Action	Result
3/7/2017	A	Common Council	Approved
2/27/2017	A	Finance and Personnel Committee	Recommended For Approval
1/23/2017	A	Finance and Personnel Committee	Referred

Title

Subject: (Direct Referral) Communication from the City Attorney requesting to meet with the Finance and Personnel Committee in Closed Session pursuant to Wisconsin Statute section 19.85(1)(g), regarding litigation strategy to enforce a HOME loan made to Main-Lake LLC, Loan #95-54-002 in the amount of $800,000. (Res No. 0077-17)

Recommendation of the Finance & Personnel Committee on 1-23-17:  To refer to the Executive Committee.

Recommendation of the Finance & Personnel Committee on 2/27/17: Approve the negotiation settlement. 

Fiscal Note: City of Racine to receive $400,000 from Main Lake, LLC’s successor, which will be returned to the HOME loan fund.