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07-0824
| A | | Joaquin & Micaela Barajas of 1929 Center Street | Application | Subject: Request from Joaquin & Micaela Barajas of 1929 Center Street for a home improvement loan.
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner deferred interest loan in an amount up to $30,000 be approved. | Approved | Pass |
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07-0826
| A | | Gail Geisler of 3201 Wright Avenue | Application | Subject: Request from Gail Geisler of 3201 Wright Avenue for a home improvement loan
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner fixed interest loan in an amount up to $18,000 be approved. | Approved | Pass |
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07-0827
| A | | Valerie Gonzalez of 1319 Carlisle Avenue | Application | Subject: Request from Valerie Gonzalez of 1319 Carlisle Avenue for a home improvement loan
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner fixed interest loan in an amount up to $13,000 be approved. | Approved | Pass |
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07-0828
| A | | Suzette Scaife of 1311 Franklin Street | Application | Subject: Request from Suzette Scaife of 1311 Franklin Street for a home improvement loan
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner fixed interest loan in an amount up to $10,000 be approved contingent upon owner having clear title to the property. | Approved | Pass |
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07-0830
| A | | Anthony Trevino of 1404 10th Street | Application | Subject: Request from Anthony Trevino of 1404 10th Street for a home improvement loan
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner fixed interest loan in an amount of $25,000 be approved. | Approved | Pass |
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07-0855
| A | | Patty M. Brown | Application | Subject: Request from Patty M. Brown of 227 Blaine Avenue for a home improvement loan
Recommendation of the Loan Board of Review on 6-28-2007: That a homeowner fixed interest loan in an amount up to $15,000 be approved. | Approved | Pass |
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07-0831
| A | | Randall and Peggy Larson of 812 Park Avenue | Application | Subject: Request from Randall and Peggy Larson of 812 Park Avenue for a Rental Assistance Loan
Recommendation of the Loan Board of Review on 6-28-2007: That a Rental Assistance loan in an amount up to $14,000 be approved contingent upon the owners' clearing up vegetation overgrowth on all sides of the property and being current with property taxes on all city properties owned by this investor. | Approved | Pass |
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07-0832
| A | | Todd Nelsen of 1309 La Salle Street | Application | Subject: Request from Todd Nelsen of 1309 La Salle Street for a Rental Assistance loan
Recommendation of the Loan Board of Review on 6-28-2007: That a Rental Assistance loan in an amount up to $30,000 be approved. | Approved | Pass |
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07-0833
| A | | Racine Community Outpost request for loan | Application | Subject: Request from Racine Community Outpost for a loan to purchase 901-905 Hamilton Street
Recommendation of the Loan Board of Review on 6-28-2007: That a loan in an amount up to $75,000 from account #818, for a term of 1 year (renewable) at 0% interest be approved. Proceeds from the sale of 905 Hamilton and/or Quintanilla C.O.P. house will be used to pay off loan. | Approved | Pass |
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07-0834
| A | | Funding Allocation for 912 Birch Street | Application | Subject: Request for Funding Allocation for 912 Birch Street for acquisition and renovation
Recommendation of the Loan Board of Review on 6-28-2007: To allocate funding from HOME account # 851 in an amount up to $107,000 for acquistion and renovation of this property. | Approved | Pass |
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07-0836
| A | | Funding Allocation for 1526 Washington Ave. | Application | Subject: Request for Funding Allocation for 1526 Washington Avenue acquisition and renovation
Recommendation of the Loan Board of Review on 6-28-2007: To allocate $190,000 from account # 820 for a term of 3 years at 0% interest to New Day Building Project/Racine County Economic Development Corporation; this loan would be in second mortgage position. | Approved | Pass |
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07-0859
| D | | Pointe Blue redevelopment project | Communication | Subject: Request from Pointe Blue redevelopment project for a City loan guarantee
Recommendation of the Loan Board on 6-28-07: That the City of Racine guarantee a loan from First Wisconsin Bank & Trust to Key Bridge Group, Inc., said guarantee not to exceed $750,000 for a term of three years.
Further recommends that the appropriate city officials be authorized to execute a Limited Guarantee of Specific Transaction documenting said guarantee.
Fiscal Note: The quarantee is not an expenditure of funds. It will be recorded as a liability against the housing loan portfolio, account 820, until the expiration of the guarantee. | Approved | Pass |
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07-0617
| A | | Mr. Damian Warshall, Vice President Housing Investments JPMorgan Capital Corporation | Communication | Subject: Request from Mr. Damian Warshall, Vice President Housing Investments JPMorgan Capital Corporation for City Loan Board of Review to write off loan on Lincoln School Historic Apartments at 1130 Carlisle Avenue, Racine, WI 53404
Recommendation of the Loan Board on 6-28-07: That the Mayor and City Clerk be authorized and direct to execute an Assignment, Assumption and Novation Agreement with Lincoln School Historic Apartments and WHP-Lincoln School, LLC, and a Payment in Lieu of Taxes Agreement for the property.
Fiscal Note: The recommended action revises the city’s mortgage on this property. It does not write it off. The revision provides for the city to receive a payment of $29,296.00 on this currently non-performing mortgage and for the mortgage to be restructured so that principal and interest are forgiven over a 14 year period (1/14th per year) if the apartments remain affordable for low and moderate income persons. The revision allows the property to be sold to a non-profit organization that will improve the property and has agreed to make payments in lieu of propert | Approved | Pass |
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