Porters of Racine’s anyone know what is going on?

Recall this from the J-T 2/9/12 http://journaltimes.com/news/local/porters-of-racine-to-become-million-redevelopment/article_caec008c-5358-11e1-a2d1-001871e3ce6c.html  : The former Porters of Racine’s owners Thursday announced a $5.5 million redevelopment of the building into 37 apartments and seven ground-floor retail spaces…..

After this sailed to passage for the City of Racine to help make Team Porters come to pass. Many started asking questions about  why nothing could be seen going we have this from the J-T 2/11/13  http://journaltimes.com/news/local/bank-financing-means-porters-redevelopment-can-proceed/article_e6e8d0e2-74ab-11e2-89b0-001a4bcf887a.html: …” However, what Micah Waters never expected when he announced the project was how difficult obtaining $2.3 million in bank financing would be. Three times he was working with a bank but saw collateral requirements grow unacceptable. “We couldn’t come to terms … we all could agree to,” Micah Waters said.”…  ”

Eventually, in December they started talking with Southport Bank of Kenosha. On Monday, they learned Southport had approved their loan on terms they agreed to.

Micah Waters said he expects to close on the loan in about mid-March.

Initially, construction was to begin last spring and take about 18 months.”…  and this “…Now, with the bank borrowing arranged, he said they can start the remaining architectural work, approximately 30 percent of the project….”   My first question is since he is going to be as I understand it his own Architect, does that mean he gets to pay himself 30% of 6 Million? 1.8 Million is not a bad payday IF I understand that right. If I do is that 1.8 Million needed to be part of the financing? Or is it just payment for work for hire?

Will we ever see any work done on the building inside or out? Should we see something by now, or will we read come June that 1) More $$ is needed for unexpected issues or 2) the Project will not go forward for whatever issue?  Then of course will any $$ paid for this project get repayed or even need to be?

Should we care or just believe?


Racine might not be alone with issues




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