Number
260507
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution reauthorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund for the benefit of the Bronzeville Arts and Tech Hub, LLC 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 $17.85 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, 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 $11.5 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 Fit Investment Group, LLC, or an entity to be determined under a New Market Tax Credit Structure, for the benefit of Bronzeville Arts and Tech Hub, LLC entering into a loan agreement of up to $500,000 for environmental remediation; and
Whereas, this term sheet is an update and a time extension of a previously approved term sheet from June 2025; now therefore, be it
Resolved, By the Redevelopment Authority of the Ci...
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