City of Racine - File #: 0430-19

• File #: 0430-19
• Version: A
• Name: Parking Facility OTP @NorthBeach
• Type: Communication
• Status: Passed
• File created: 4/12/2019
• In control: Finance and Personnel Committee
• Final action: 5/7/2019
• Title: Subject: Communication from Mayor Mason requesting approval of a Parking Facility Lease Agreement and a Parking Facility Offer to Purchase and Addendum with Racine Harborside, LLC (Royal Capital Group) regarding the @NorthBeach Development at 1129 Michigan Boulevard. Recommendation of the Finance & Personnel Committee on 04-22-2019: To authorize and direct the Mayor and City Clerk to execute the Parking Facility Lease Agreement and a Parking Facility Offer to Purchase and Addendum with Racine Harborside, LLC (Royal Capital Group) regarding the @NorthBeach Development at 1129 Michigan Boulevard. Fiscal Note: These documents fully implement the tax increment incentive agreement for @Northbeach which was approved by Common Council in December 2018. The documents formally commit the City to a purchase price for the parking units in an amount of (exactly) $6,496,000. This money will come the TID Reserve Accounts and the appropriate TID amendments have already been approved to effectuate t...
• Sponsors: Q.A. Shakoor II

Date	Ver.	Action By	Action	Result
5/7/2019	A	Common Council	Approved as Presented	Pass
4/22/2019	A	Finance and Personnel Committee	Recommended For Approval	Pass
4/15/2019	A	Common Council	Referred

Title

Subject: Communication from Mayor Mason requesting approval of a Parking Facility Lease Agreement and a Parking Facility Offer to Purchase and Addendum with Racine Harborside, LLC (Royal Capital Group) regarding the @NorthBeach Development at 1129 Michigan Boulevard.

Recommendation of the Finance & Personnel Committee on 04-22-2019: To authorize and direct the Mayor and City Clerk to execute the Parking Facility Lease Agreement and a Parking Facility Offer to Purchase and Addendum with Racine Harborside, LLC (Royal Capital Group) regarding the @NorthBeach Development at 1129 Michigan Boulevard.

Fiscal Note: These documents fully implement the tax increment incentive agreement for @Northbeach which was approved by Common Council in December 2018. The documents formally commit the City to a purchase price for the parking units in an amount of (exactly) $6,496,000. This money will come the TID Reserve Accounts and the appropriate TID amendments have already been approved to effectuate the purchase price.