Number
230238
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing certain commitments of program income from the RACM Brownfields Revolving Loan Fund Program to subgrants and direct cleanups.
Analysis
Body
Whereas, the Redevelopment Authority of the City of Milwaukee (RACM) has been awarded $10.2 million dollars to date in total Brownfield Revolving Loan Fund (BRLF) funding from the United States Environmental Protection Agency (USEPA) for the purpose of making loans and subgrants in support of environmental cleanup on brownfield properties in Milwaukee; and
Whereas, RACM currently has $5,912,831.55 in revolved funds from repayment of principal and interest on loans and earned interest from this funding (a portion of which is defined as “program income” by the USEPA); and,
Whereas, RACM has closed out seven of the eight Cooperative Agreements related to these grants through executed Closeout Agreements with the USEPA which authorized RACM to establish, operate, and manage a RACM Brownfield Revolving Loan Fund for all program income received for the purpose of making additional brownfields loans and subgrants to finance environmental remediation for properties in the City; and
Whereas, USEPA is now in the process of updating grant recipients’ Closeout Agreements to allow for program income to be used for direct cleanups in limited circumstances, in addition to loans and subgrants; and
Whereas, while RACM intends to continue to use the majority of program income to issue new BRLF loans, RACM is seeking to commit $150,000 of program income to be used as subgrants to fund the RACM Site Assessment Matching Grant program for the five-year period from 2023 through 2027 and $280,000 to fund direct cleanups at eligible sites where cleanup work was initiated using RACM’s USEPA Brownfield Multipurpose Grant; now, therefore, be it
Resolved, By the Redevelopment Authority of the City of Milwaukee that commitment of these program i...
Click here for full text