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Council backs resolution to allow sale of up to $4.085 million in promissory notes for Dominion Downtown Phase 2 incentive
Summary
The council moved to authorize up to $4,085,000 in taxable general obligation promissory notes dated Oct. 22, 2025 to pay costs tied to a previously approved TID 26 developer incentive for Dominion Downtown Phase 2; staff said the borrowing is the financing component of an earlier April 2025 developer agreement.
A resolution (Item 0876‑25) authorizing the issuance and parameters for the sale of up to $4,085,000 of taxable general obligation promissory notes dated Oct. 22, 2025 was presented to the council to finance a TID 26 developer incentive for the Dominion Downtown Phase 2 project. The presenter said the borrowing would be used to pay costs associated with a developer incentive that the council had previously approved on April 20, 2025.
Finance Director Kathleen explained this action is the borrowing side associated with that prior approval and described the broader financing: "Part of that agreement talked about the financing to the developer of which the city of Racine would loan to the developer an amount in the amount of I think it was 9,700,000...and then the remaining 4,000,000 was to be borrowed. That was all explained when it was brought to the common council and approved by the common council." The presenter moved the resolution; after discussion the item was placed on the consent agenda and the consent agenda was approved.
The resolution's stated purpose is to provide parameters for the sale of taxable promissory notes tied to a Tax Incremental District (TID 26) developer incentive previously approved by the council; specific loan documents, market timing and final sale terms were not described in detail during the meeting.
