Number
260930
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution re-authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Austin Commons, LLC or an agreed upon affiliate to be used on the properties at 2318-2332 South Austin Street, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $17.85 million dollars in total Brownfield Revolving Loan Fund (BRLF) funding to the Authority for the purpose of making loans and subgrants in support of environmental cleanup on brownfield properties in Milwaukee; and
Whereas, the properties at 2318-2332 South Austin Street, Milwaukee, Wisconsin are located on approximately 1.1 acres and have been determined to be blighted through the adoption of TID No. 134 (Austin Commons) (RACM Resolution No 11067); and
Whereas, the property is blighted by the contamination of petroleum volatile organic compounds (PVOCs), metals, and polycyclic aromatic hydrocarbons (PAHs) in the soil and groundwater, and requires remediation; and
Whereas, Austin Commons, LLC, or an agreed upon affiliate, is proposing to construct an affordable housing development project with a total estimated investment of approximately $33.4 million; and
Whereas, the Authority has EPA BRLF funds available that could help ensure project feasibility; and
Whereas, the term sheet attached hereto contemplates the Authority and Austin Commons, LLC, or an agreed upon affiliate, entering into a loan agreement of up to $500,000 for environmental remediation; and
Whereas, the term sheet attached hereto is an amendment of a previously approved term sheet from April 2026; now therefore, be it
Resolved, By the Redevelopment Authority of the City of Milwaukee that the Authority is authorized to provide a loan up to $500,000 from its EPA Revolving Loan Fund to Austin Commons, LLC, or an agreed upon affiliate, for site remediation; and be it
Further Resolved, That the proper o...
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