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10-5647
| A | | RCEDC | Communication | Subject: Communication from the Director of City Development submitting a request by the Racine County Economic Development Corporation for a loan guarantee for Altus Vinyl LLC. (Res.10-2225)
Recommendation of the Redevelopment Authority on 10-4-10: that the Authority supports the use of $50,000.00 from the Intergovernmental Revenue Sharing Fund for a loan guarantee for Altus Vinyl, LLC; and further recommends that the guarantee be conditioned upon Altus Vinyl, LLC, agreeing to give preference to City of Racine residents when filling open positions; and further recommends that the Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee.
Recommendation of the Finance & Personnel Committee on 10-11-10: Permission be granted for the City of Racine to guarantee a loan not to exceed $50,000 in a 5-year term for Altus Vinal, LLC.
Fiscal note: The funds are available in the Intergovernmental Revenue Sharing (919) Account and will be utilized for purchasing assets of the former Dynaseal, Inc., general worki | Recommended For Approval | Pass |
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