Number
250377
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Bronzeville Arts and Tech Hub, LLC or an agreed upon affiliate to be used on the properties at 606 and 616 West North Avenue, 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 property comprised of two parcels, 606 and 616 West North Avenue, Milwaukee, Wisconsin has been determined to be blighted through the adoption of the North 7th Street - West Garfield Avenue Project Area (Bronzeville) Redevelopment Plan and its amendments (Common Council File Nos. 82-2097-a, 041531, and 061139); and
Whereas, the property is blighted by the contamination from historic occupancy/usage and urban fill material, and requires remediation; and
Whereas, Bronzeville Arts and Tech Hub, LLC, or an agreed upon affiliate, is completing construction of a new mixed-use building with 60 housing units (48 affordable) and 21,400 square feet as a Creative Arts and Technology Hub with a total estimated investment of approximately $10 million for the commercial phase of the project; and
Whereas, the Authority has RACM BRLF funds available that could help ensure project feasibility; and
Whereas, the term sheet attached hereto contemplates the Authority and Bronzeville Arts and Tech Hub, LLC, or an agreed upon affiliate, entering into a loan agreement of up to $500,000 for environmental remediation; and
Whereas, to comply with 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; a...
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