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File #: 0849-19    Version: A Name: Subject: Communication sponsored by Mayor Mason requesting the approval of a development agreement between Inspired Development and the City of Racine for the property at 1230 Sixth Street (Tanner at the Edge of the River).
Type: Communication Status: Passed
File created: 7/19/2019 In control: Finance and Personnel Committee
On agenda: 8/7/2019 Final action: 8/7/2019
Title: Subject: Communication sponsored by Mayor Mason requesting the approval of a development agreement between Inspired Development and the City of Racine for the property at 1230 Sixth Street (Tannery at the Edge of the River). Recommendation of the Finance & Personnel Committee on 07-22-2019: The Developer Incentive Agreement between the City of Racine and Inspired Real Estate Developers, LLC. for the Tannery at the Edge of The River Project at 1230 Sixth Street be approved and the Mayor and City Clerk be authorized to execute the Agreement on the City's behalf. Fiscal Note: The $1,500,000 for the sanitary sewer relocation is already budgeted for in the approved 2019 CIP Budget. The $400,000 in IG funds is easily accommodated with the IG Funds budget and will be partiallly to fully repaid through the City receiving 50% of the Developers electric hook-up credits (paid out in the first 5 years following construction, and as units come on board) to a maximum of the entire $400,000. Upon c...
Attachments: 1. Tannery Incentive Agreement - complete with attach.pdf, 2. CITY OF RACINE ABM --Tannery.pdf, 3. #0849-19 Resolution

Title

Subject: Communication sponsored by Mayor Mason requesting the approval of a development agreement between Inspired Development and the City of Racine for the property at 1230 Sixth Street (Tannery at the Edge of the River).


Recommendation of the Finance & Personnel Committee on 07-22-2019: The Developer Incentive Agreement between the City of Racine and Inspired Real Estate Developers, LLC. for the Tannery at the Edge of The River Project at 1230 Sixth Street be approved and the Mayor and City Clerk be authorized to execute the Agreement on the City's behalf.

 

Fiscal Note: The $1,500,000 for the sanitary sewer relocation is already budgeted for in the approved 2019 CIP Budget. The $400,000 in IG funds is easily accommodated with the IG Funds budget and will be partiallly to fully repaid through the City receiving 50% of the Developers electric hook-up credits (paid out in the first 5 years following construction, and as units come on board) to a maximum of the entire $400,000. Upon completion, the new project will be taxed at a full 100% tax rate based on assessed value with no TID capture and with all City property taxes accuring to the city's General Fund as net new construction.