Number
250601
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Compass Lofts MLKEDC, LLC or an agreed upon affiliate to be used on the property at 3116 North Martin Luther King Junior Drive, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $16.7 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 17, 2025, the Redevelopment Authority conducted the required public hearing on the boundaries and Project Plan for the District that determined the property at 3116 North Martin Luther King Junior Drive to be blighted through the proposed adoption of TID No. 128 (Compass Lofts); and
Whereas, the property is blighted by the contamination of petroleum compounds in the soil and groundwater, and requires remediation; and
Whereas, Compass Lofts MLKEDC, LLC, or an agreed upon affiliate, is proposing to construct a mixed-use development with affordable housing units and commercial space with a total estimated investment of approximately $19.6 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 Compass Lofts MLKEDC, LLC, or an agreed upon affiliate, entering into a loan agreement of up to $500,000 for environmental remediation; and
Whereas, to comply with the requirements of the Authority’s Closeout Agreement with EPA, the Authority must consider the advantages and disadvantages of various remedial options, consider public input, and choose a preferred remedial option; and
Whereas, the Analysis of Brownfield Cleanup Alternatives (ABCA) for the 3116 North Martin Luther King Junior Drive site proposes a ...
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