Number
260628
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a loan up to $1,000,000 from RACM’s EPA Brownfield Revolving Loan Fund to Midtown Commons Lender, LLC or an agreed upon affiliate to be used on the northern portion of the property at 5825 West Hope Avenue, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $17.35 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 northern portion of the property at 5825 West Hope Avenue, Milwaukee, Wisconsin (known as Lots 2, 3, and 4 of CSM No. 9747) is located on approximately 6.31 acres and has been determined to be blighted through the adoption of TID No. 132 (Midtown Commons) (RACM Resolution No 11090); and
Whereas, the property is blighted by the contamination of petroleum volatile organic compounds (PVOCs), metals and polycyclic aromatic hydrocarbons (PAHs) in the soil and groundwater, and requires remediation; and
Whereas, Midtown Commons Lender, LLC, or an agreed upon affiliate, is proposing to construct an affordable housing development project with a total estimated investment of approximately $32.3 million for Phase I and $30.2 million for Phase II; 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 Midtown Commons Lender, LLC, or an agreed upon affiliate, entering into a loan agreement of up to $1,000,000 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 Br...
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