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File #: 0322-23    Version: A Name: Subject: Communication sponsored by Mayor Mason, seeking approval to enter into an incentive agreement and all associated documents with Racine Mall, LLC for the redevelopment of Regency Mall.
Type: Communication Status: Passed
File created: 4/3/2023 In control: Finance and Personnel Committee
On agenda: 4/17/2023 Final action: 4/17/2023
Title: Subject: Communication sponsored by Mayor Mason, seeking approval to enter into an incentive agreement and all associated documents with Racine Mall, LLC for the redevelopment of Regency Mall. Recommendation of the Finance and Personnel Committee on 04-10-2023: That the Mayor and City Clerk be granted permission to enter into the Development Incentive Agreement with Racine Mall, LLC for the redevelopment of Regency Mall and be authorized and directed to execute all associated documents. Fiscal Note: Incentive agreement includes a Tax Incremental Developer Funded “Pay Go” Incentive where 90% of the tax increment generated by the district, not to exceed $39,400,000, over the life of the district will be paid to the developer.
Attachments: 1. ABM Regency, 2. Racine Redevelopment Parcels -Updated 04052023, 3. #0322-23 Resolution

Title

Subject: Communication sponsored by Mayor Mason, seeking approval to enter into an incentive agreement and all associated documents with Racine Mall, LLC for the redevelopment of Regency Mall. 

 

Recommendation of the Finance and Personnel Committee on 04-10-2023: That the Mayor and City Clerk be granted permission to enter into the Development Incentive Agreement with Racine Mall, LLC for the redevelopment of Regency Mall and be authorized and directed to execute all associated documents.

 

Fiscal Note: Incentive agreement includes a Tax Incremental Developer Funded “Pay Go” Incentive where 90% of the tax increment generated by the district, not to exceed $39,400,000, over the life of the district will be paid to the developer.