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Subject: A request to approve the Developer Incentive Agreement between the City of Racine and The Main Attraction, LLC, for the Redevelopment of an 80-unit Boutique Hotel, restaurant, roof-top bar, café, banquet facility and meeting rooms, in and on the former “Zahn’s Department Store” property at 500 Main street along Monument Square.
Recommendation of the Redevelopment Authority on 12-05-19: That the Developer Incentive Agreement between the City of Racine and The Main Attraction, LLC, for the Redevelopment of an 80-unit Boutique Hotel, restaurant, roof-top bar, café, banquet facility and meeting rooms, in and on the former “Zahn’s Department Store” property at 500 Main street along Monument Square be approved and that the Mayor and City Clerk be authorized to execute the Agreement on behalf of the City of Racine. Further, that the Redevelopment Authority deems the use of TID Reserve Funds and IG Funds to be in keeping with adopted City policies and ordinances and in furtherance of the City's plans for economic development.
Recommendation of the Finance & Personnel Committee on 12-09-19: That the Developer Incentive Agreement between the City of Racine and The Main Attraction, LLC, for the Redevelopment of an 80-unit Boutique Hotel, restaurant, roof-top bar, café, banquet facility and meeting rooms, in and on the former “Zahn’s Department Store” property at 500 Main street along Monument Square be approved and that the Mayor and City Clerk be authorized to execute the Agreement on behalf of the City of Racine. Further, that the use of TID Reserve Funds and IG Funds are inkeeping with adopted City policies and ordinances and in furtherance of the City's plans for economic development.
Fiscal Note: The City will provide total cash incentives from T.I.D. #9 Reserves totaling: $2,895,000. The City will further provide a rebate of 25% of all Room Taxes produced by the Project (allowed for under Real Racine contract) for the 10-year period of 2021-2030, not-...
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