City of Racine - File #: Res.0397-17

• File #: Res.0397-17
• Version: A
• Name: Veto on the Arena from the CIP, it's Language in the Budget, and any Other References
• Type: Resolution
• Status: Official Text (Legal Use)
• File created: 11/21/2017
• In control: City Attorney's Office
• On agenda: 11/21/2017
• Final action: 12/5/2017
• Title: Veto on the Arena from the CIP, its Language in the Budget, and any Other References Resolved, that the City Clerk's office veto, as submitted, on the arena from the CIP, its language in the budget, and any other references is approved as follows: Decrease Expense 45260-59800 TRNS Component Unit by $2,500,000.00 from $2,500,000.00 to $0.00; Decrease Revenue 45260-49300 Fund Balance Applied by $1,604,369.00 from $1,604,369.00 to $0.00; Remove TID 21 Event Center Implementation for 2018, in the amount of $39,500,000.00 from the Redevelopment Authority Bond; Remove TID 21 Event Center Implementation for 2018, in the amount of $2,300,000.00 from the TIF; Remove TID 21 Event Center Implementation for 2018, in the amount of $2,500,000.00 from the TIF Backstopped with Intergovernmental; Remove TID 21 Event Center Implementation for 2018, in the amount of $10,700,000.00 from the existing TIF reserves; Remove Event Center allocation to RDA event center debt service for 2019-2033, in the ...
• Related files: 1122-17

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Title
Veto on the Arena from the CIP, its Language in the Budget, and any Other References

Resolved, that the City Clerk's office veto, as submitted, on the arena from the CIP, its language in the budget, and any other references is approved as follows:

Decrease Expense 45260-59800 TRNS Component Unit by $2,500,000.00 from $2,500,000.00 to $0.00;
Decrease Revenue 45260-49300 Fund Balance Applied by $1,604,369.00 from $1,604,369.00 to $0.00;
Remove TID 21 Event Center Implementation for 2018, in the amount of $39,500,000.00 from the Redevelopment Authority Bond;
Remove TID 21 Event Center Implementation for 2018, in the amount of $2,300,000.00 from the TIF;
Remove TID 21 Event Center Implementation for 2018, in the amount of $2,500,000.00 from the TIF Backstopped with Intergovernmental;
Remove TID 21 Event Center Implementation for 2018, in the amount of $10,700,000.00 from the existing TIF reserves;
Remove Event Center allocation to RDA event center debt service for 2019-2033, in the amount of $12,800,000.00;
Remove Event Center contingency for 2018, in the amount of $2,500,000.00.

Further resolved, that the Mayor’s veto is sustained, the Common Council is approved to thereupon proceed to adopt a substitute.

Fiscal Note:

Decrease Expense 45260-59800 TRNS Component Unit by $2,500,000.00 from $2,500,000.00 to $0.00;
Decrease Revenue 45260-49300 Fund Balance Applied by $1,604,369.00 from $1,604,369.00 to $0.00;
Remove TID 21 Event Center Implementation for 2018, in the amount of $39,500,000.00 from the Redevelopment Authority Bond;
Remove TID 21 Event Center Implementation for 2018, in the amount of $2,300,000.00 from the TIF;
Remove TID 21 Event Center Implementation for 2018, in the amount of $2,500,000.00 from the TIF Backstopped with Intergovernmental;
Remove TID 21 Event Center Implementation for 2018, in the amount of $10,700,000.00 from the existing TIF reserves;
Remove Event Center allocation to RDA event center debt service for 2019...