City of Racine - File #: 1001-17

• File #: 1001-17
• Version: A
• Name: (Res. 0353-17)
• Type: Communication
• Status: Passed
• File created: 10/5/2017
• In control: Loan Board of Review
• Final action: 10/16/2017
• Title: Subject: Request from WHP-Lincoln School, LLC to subordinate a mortgage note held by the City of Racine. (Res. 0353-17) Recommendation of the Loan Board of Review on October 12, 2017: That the request from WHP-Lincoln School, LLC to subordinate a mortgage note held by the City of Racine is approved. Further, that the director of City Development be authorized to enter into and execute the subordination agreement. Fiscal Note: The 2007 mortgage note for 145,704 is forgiven at 1/14th per year over a 14 year period.
• Related files: Res.0353-17

Date	Ver.	Action By	Action	Result
10/16/2017	A	Common Council	Approved as Presented	Pass
10/12/2017	A	Loan Board of Review	Recommended For Approval	Pass

Title

Subject: Request from WHP-Lincoln School, LLC to subordinate a mortgage note held by the City of Racine. (Res. 0353-17)

Recommendation of the Loan Board of Review on October 12, 2017: That the request from WHP-Lincoln School, LLC to subordinate a mortgage note held by the City of Racine is approved. Further, that the director of City Development be authorized to enter into and execute the subordination agreement.

Fiscal Note: The 2007 mortgage note for 145,704 is forgiven at 1/14th per year over a 14 year period.