Number
240478
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing up to a $700,000 loan from the RACM Brownfield Revolving Loan Fund to Kin at Freshwater, LLC or an agreed upon affiliate to be used on the parcel located at 200 East Greenfield Avenue, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $13.2 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, On July 10, 2024, the Redevelopment Authority conducted the required public hearing on the boundaries and Project Plan for the District that determined the 2.04-acre property at 200 East Greenfield Avenue to be blighted through the proposed adoption of Tax Incremental District No. 120 (Kin at Freshwater); and
Whereas, the Property is blighted by the contamination of polycyclic aromatic hydrocarbons, polychlorinated biphenyls, petroleum volatile organic compounds, and metals, and requires remediation; and
Whereas, Kin at Freshwater, LLC or an agreed upon affiliate is constructing a new mixed-use building with 140 affordable housing units and 1,300 square feet of ground floor commercial space with a total estimated investment of approximately $44 million, and
Whereas, the Authority has RACM EPA BRLF funds available that could help ensure project feasibility; and
Whereas, the term sheet attached hereto contemplates the Authority and Kin at Freshwater, LLC or an agreed upon affiliate entering into a loan agreement for $700,000 for environmental remediation; and therefore, be it
Resolved, By the Redevelopment Authority of the City of Milwaukee that the Authority is authorized to provide up to a $700,000 loan from its RACM brownfield revolving loan fund to Kin at Freshwater, LLC or an agreed upon affiliate for site remediation; and be it
Further Resolved, That the proper officers of the Redevelopment Authority are authorized and directed to take all necessary actions and provide necessary assistance needed to carry out the intent and purpose of this resolution and Term Sheet.
Requestor
Drafter
David Misky July 11, 2024