Racine mayor, aldermen discuss $800K loan write-off in closed session

RACINE — The City of Racine’s Executive Committee met in closed session Thursday evening, at least in part to discuss an $800,000 loan the city proposed writing off in June.

The Executive Committee includes Mayor John Dickert and five aldermen — Dennis Wiser, Q.A. Shakoor II, Melissa Lemke, Jeff Coe and Terry McCarthy. Dickert said Friday that the meeting was called to keep the aldermen informed on the latest with the loan, made to the now-defunct Main-Lake LLC, between 1993 and 1995 to fund housing at 419-425 Main St.

“It was really just advising the council as to what’s going on,” the mayor said. “A lot of council members have been asking about it so we just wanted to say this is where we’re at.”

State law allows city officials to meet in closed session to discuss strategy with legal counsel. Dickert couldn’t comment on the exact progress made on evaluating the loan.

Read more: http://journaltimes.com/news/local/mayor-aldermen-discuss-k-loan-in-closed-session/article_bb6b4cb7-a371-5659-81b3-0414b556c72a.html