Machinery Row project developer seeks a $4.5 million loan from City of Racine to secure site

Posted by on Dec 11, 2014 in News | 0 comments

Machinery Row project developer seeks a $4.5 million loan from City of Racine to secure site

RACINE JOURNAL TIMES: Machinery Row, a more than $65 million riverfront redevelopment, may temporarily become even more of a public-private partnership between developer Financial District Properties (FDP) and the City of Racine. FDP, of Davenport, Iowa, will ask the Racine Redevelopment Authority and then the City Council for a $4.5 million city loan for up to two years while FDP secures permanent financing. The city would withdraw the money from the intergovernmental sewer revenue-sharing agreement: money Racine receives each year from that agreement with surrounding communities, a fund intended to help Racine spur development. The loan would not use any tax dollars. Project Manager Jim Bowman said FDP has done other deals in partnership with governments, although none so far exactly like this proposal. “Every project requires creative financing,” he said. Read the full story and more about the Machinery Row project here.

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