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Council advances financing and land steps for Lincoln King Community Center and clinic
Summary
The Racine Common Council approved professional services and financing steps on March 4 as the city moves forward with the Lincoln King Community Center and Clinic project, including a contract with Baker Tilly and a short-term $17 million promissory note sale to bridge construction costs.
The Racine Common Council on March 4 approved several financing and property actions to advance the Lincoln King Community Center and Clinic, authorizing consultants and short-term borrowing as the project proceeds through new market tax credit financing.
Councilors approved entering into professional services agreements with Baker Tilly Advisory Group LP to identify and claim tax credits related to the project. Doug Baldserra of Baker Tilly told council the company would “help maximize the credits” and said historically projects that meet IRS beginning-construction requirements can lock in tax credits even if future tax law changes occur. Baldserra said, “The tax credits are actually changed by an act of Congress,” and described protections and contract termination provisions if federal law changed.
The council also approved a resolution authorizing the issuance of general obligation promissory…
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