Number
250602
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a loan up to $750,000 from RACM’s EPA Brownfield Revolving Loan Fund to Union at Rose Park, LP or an agreed upon affiliate to be used on the properties at 3030 - 3064 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, the properties at 3030 - 3064 North Martin Luther King Junior Drive, Milwaukee, Wisconsin are located on approximately 1.4 acres and have been determined to be blighted through the adoption of TID No. 59 (Bronzeville District) (RACM Resolution No 9753; Common Council Resolution No 050395); and
Whereas, the property is blighted by the contamination of petroleum volatile organic compounds (PVOCs) and chlorinated volatile organic compounds (CVOCs) in the soil and groundwater, and requires remediation; and
Whereas, Union at Rose Park, LP, or an agreed upon affiliate, is proposing to construct an affordable housing development project with a total estimated investment of approximately $25.2 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 Union at Rose Park, LP, or an agreed upon affiliate, entering into a loan agreement of up to $750,000 for environmental remediation; and
Whereas, to comply with federal National Environmental Policy Act (NEPA) requirements, loan recipients must consider the advantages and disadvantages of various remedial options, consider public comments, and choose a preferred remedial option; and
Whereas, the Analysis of Brownfield Cleanup Alternatives (ABCA) for the 3030 - 306...
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