TID 17 sale/IG Revenue fund

Dear City of Racine Alderpersons,

I note that Loopnet has TID 17 - the Porters Property - for sale and
under contract.

https://www.loopnet.com/Listing/301-6th-St-Racine-WI/9635691/
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Description

1.02 Acre Prime Development Block in the heart of Downtown Racine.
This B4 zoned parcel is shovel ready for your architecturally iconic
mixed use development that will redefine urban living in downtown
Racine. Spectacular views of Lake Michigan, the Root River, Racine's
Magnificent Harbor and Festival Park. Do not miss this opportunity to
be the first developer in Southeast Wisconsin's technology
manufacturing renaissance. Call today for a full offering memorandum.

The subject site is a City Block located Between Hwy 32 (7th Street),
6th Street, Wisconsin Ave and College Ave in the heart of downtown
Racine, steps from Lake Michigan. Located just 9 miles east of the
proposed $10 Billion Foxconn Manufacturing campus and the heart of the
new Southeast Wisconsin technology manufacturing district, this site
will be the coveted Residential, Retail, and Hospitality destination
defining Racine's new urban lifestyle.

I also note that to the latest Audited Financial Report for City of
Racine - that Micah Waters has been a deadbeat and refused to pay his
taxes.

From Page 64 and 65 0f the latest available audited financial report:

The Intergovernmental Revenue Sharing fund is advancing funds to
several TID's to cover the shortfall in each TID. The fund is charging
interest at the City's blended investment rate and a repayment
schedule has not been determined. The City Projects fund is charging
the Storm Water Utility interest at 4.5% and a repayment schedule has
been established. A repayment schedule has been established for the
advances to the Water and Wastewater Utility based on their percentage
of the pension liability

E. INTERFUND RECEIVABLES/PAYABLES, ADVANCES AND TRANSFERS (cont.)

Intergovernmental Revenue Sharing Tax Increment District #17 $26,851

I thought Mayor Cory Mason announced that City of Racine Taxpayers
would be building Micah Waters a multi-level parking ramp at the
former Porters site - but then I could be mistaken.

Make sure that if Micah Waters sells TID 17 - that you recoup all
taxpayer funded advances.

As for the Walker site - are you sure that Royal Capital Group isn't
aware of what is happening in the business cycle and Foxconn's plans?

Foxconn DOES have a Gen 10.5 facility.

TAIPEI (Reuters) - Taiwan’s Foxconn is exploring the sale of its new
$8.8 billion display panel factory in China, people familiar with the
matter told Reuters, as demand for the product wanes amid an
intensifying U.S.-China trade war.

Questions were also being raised within Foxconn on the need for the
Guangzhou project. “Existing plants are already not running at full
capacity ... why need another one?,” the source said.

Dubbed the largest single investment ever in the southern city by
Chinese media, Foxconn announced the Guangzhou plant in 2016, hoping
to start operations by 2019 to meet an expected rise in demand for
large-screen TVs and monitors in Asia in a challenge to top Chinese
display maker BOE Technology Group.

The project was mainly run by a joint venture between the Guangzhou
government and Japan’s Sakai Display Products, an advanced panel
factory owned by Foxconn founder Terry Gou and Japan’s Sharp Corp,
Foxconn’s display unit.

The Japanese panel maker said on Thursday it would build a plant in
Vietnam to make flat screens and electronic devices to guard against
additional U.S. import tariffs on Chinese goods.
https://www.reuters.com/article/us-china-foxconn-exclusive/exclusive-foxconn-eyes-sale-of-8-8-billion-china-plant-amid-trade-war-woes-sources-idUSKCN1US0CA
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The economy is always overheated before it falls - and that is -the
inflection point we are now at.

Energy companies - especially those who frack shale oil are goinf
bankrupt left and right - and layoffs are everywhere in the energy
sector.

With Foxconn scaling back - and they are doing so - Bankers are well
read and have research teams which keep them informed - they don't
listen to local lying politicians who continue to claim 13,000 jobs at
$53,000 each.

How many new apartments can City of Racine fill? 2 major projects are
underway and TID 12 also known as River Bend Lofts just sold for under
market value while advertised an an apartment building. Even Journal
Times building is for sale! Check out the massive amount of commercial
real estate available locally at Loopnet.
https://www.loopnet.com/for-sale/racine-wi/?sk=faf09dce1e637c0b08608d654f4e6bf6&e=u
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Thank you for your time.

Tim & Cindy


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