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Please note: this meeting's minutes have not been finalized yet. Actions taken on legislation and their results are not available.
Meeting Name: Redevelopment Authority of the City of Racine (inactive) Agenda status: Revised
Meeting date/time: 11/14/2019 6:00 PM Minutes status: Draft  
Meeting location: City Hall, Room 303
Published agenda: Agenda Agenda Published minutes: Minutes Minutes  
Meeting video:  
Attachments:
File #Ver.Agenda #NameTypeTitleActionResultAction DetailsVideo
1120-19 A WB 413 Sixth StreetCommunicationSubject: (Direct Referral) Request from Cary Mauske representing Mt. Royal Property Management for review and approval of a White Box grant for the property at 413 Sixth Street.   Not available Not available
1240-19 A White Box Grant 434 Main StreetCommunicationSubject: (Direct Referral) A request by Ralph and Verdeep Schwarz for review and approval of a White Box grant for the property at 434 Main Street.   Not available Not available
1268-19 A Subject: Communication sponsored by Mayor Mason requesting the attached Ajax Incentive Agreement be approved.CommunicationSubject: Communication sponsored by Mayor Mason requesting the Ajax Incentive Agreement be approved. Recommendation of the Finance and Personnel Committee on 11-11-19: Approve of the Developer Incentive Agreement between the City of Racine, Racine RDA, and Cardinal Capital Management, Inc., for the Redevelopment of 141 units of new multi-family housing on the RDA-owned, former Walker Manufacturing- Ajax industrial property at 1520 and 1536 Clark Street in Uptown. Fiscal Note: The FY2019 CIP Budget for the I. G. funds contained the first $500,000 for the site remediation and parking incentive; and the FY2020 I.G. Budget contains the other $500,000. Under the 11-year TID, since it is pay-as-you-go, The Developer must first pay all taxes in order to have 90% of said payments then returned as an incentive, leaving the remaining 10% for the TID to repay a portion of the $1M in incentive. The estimate is that the Developer will receive $2,900,961 in TID increment capture rebates; while the City is expected to get back an estimated $322,324 during the 11-year capture life of the TID.   Not available Not available
1290-19 A 1520 Clark Street ClosingCommunicationSubject: Communication from the Manager of Neighborhood Services seeking to meet with the Redevelopment Authority regarding an extension of the closing date for the transfer of real property located at 1520 and 1536 Clark Street, Racine, Wisconsin, from the Redevelopment Authority to Cardinal Capital Management, Inc., and/or its assignees, pursuant to the Option to Purchase Agreement.   Not available Not available