"City Of Racine officials claim they don’t know who they loaned $800K of taxpayer money to, thus making it nearly impossible to recover. So who stole over $800K dollars in The City Of Racine?
"The City of Racine will not collect on an $800,000 loan, because the group the city loaned the money to has dissolved.
"According to a release sent Wednesday afternoon, Elaine Ekes, the city’s consulting attorney, determined that the city will be unable to recoup the loan since Main-Lake, LLC. has dissolved.
"Contradictory language in various agreement documents make it difficult for the city to determine when the loan was due for collection. One document suggested 18 years, another suggested 16 years and a third said 2009, which would be roughly 14 years. Ownership of the property has also changed multiple times since the loan was issued.
"Racine residents have expressed a similar concern for the missing $17 million taxpayer dollars expended as part of the failed Machinery Row project which is over two years expired and left the city paying for it’s own loan repayments thus far.
"A city release stated that city staff acknowledges that writing off a loan for such a substantial amount of money is 'concerning.'
"The Loan Board is scheduled to meet next on July 14 at 10 a.m. at City Hall, 730 Washington Ave., Room 307."
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