The Machinery Row TimeLine July 2, 2012, “RootsWorks” a Root River Corridor Redevelopment Plan Adopted by the City of Racine. https://issuu.com/communicatornews/docs/rootworks_area_wide_plan_draft_2.15
January 14,2014, Rodney Blackwell meets representatives from Racine and Vanderwalle Design to inspect properties along Root River in Downtown Racine for a future development call “Machinery Row”. April 8, 2014, Blackwell/FDP makes three $5,000-dollar option payments to each of the thee sellers Jensen, Olsen and Azarian for a 3-month period to inspect property before purchase. A total of $15,000. June 10, 2014, the Machinery Row a $65 Million Dollar redevelopment project was announced. The 20-acre site in the heart of the City of Racine will be transformed into higher-end, market-rate apartments, as well as stores, restaurants and other commercial space, under the plan from Financial District Properties, a development firm based in Davenport, Iowa. https://journaltimes.com/news/local/developer-unveils-million-plan-for-machineryrow/article_9cc4f08e-f0cb-11e3-8771-0019bb2963f4.html June 24, 2014, The Wisconsin Economic Development Corp. approved a $9 million tax credit for Machinery Row. Gov. Scott Walker's office assured them that if the project passed an appropriate review that it would be approved. July 8, 2014, Blackwell/FDP extends the April 8th option which was to expire on July 9, 2014 another 3 months to October 9, 2014 and pays the three-property owner another$5,000 each. A total of $30,000 has been paid in option monies to secure the Machinery Row development. September 2014, the Racine City Council voted 13-0 to grant the administration’s request, approving the creation of Tax Increment Finance District 18 for Machinery Row. https://issuu.com/communicatornews/docs/tid-18-mach-row-final September 25, 2014, James Bowman (of FDP) sent an email to Rick Olsen (owner of some of the property to be included in the project) that the options to purchase, which were due to expire on Oct. 9th, would not be renewed. The project was dead. https://issuu.com/communicatornews/docs/richard_olsen_recieves_cancelation_ November 21, 2014, six weeks after the options had expired, the options to purchase were mysteriously renewed, but with some unique clauses inserted into the language. No additional money was required of FDP to renew the options, and, “In the event the property fails to close, all option payments made ($30,000) will be returned to FDP.” December 10, 2014, Racine Journal Times article stating Development project manager Jim Bowman requesting to borrow $4.5 million from the City and FDP would give the city a note for the loan and put at least $200,000 into a restricted escrow account to cover the city’s 1 percent interest payments on the IGA loan for up to 24 months.