Number
250376
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a loan up to $1,250,000 from RACM’s EPA Brownfield Revolving Loan Fund to Historic Patterson Place, LLC or an agreed upon affiliate to be used on the property at 4116 West Silver Spring 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 June 12, 2025, the Redevelopment Authority conducted the required public hearing on the boundaries and Project Plan for the District that determined the property at 4116 West Silver Spring Drive to be blighted through the proposed adoption of Tax Incremental District No. 125 (Historic Patterson Place); and
Whereas, the property is blighted by the contamination of metals and polycyclic aromatic hydrocarbons in the soil, and hazardous materials including asbestos and lead-based paint in the building, and requires remediation; and
Whereas, Historic Patterson Place, LLC, or an agreed upon affiliate, is proposing to construct an affordable housing development project with a total estimated investment of approximately $21.1 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 Historic Patterson Place, LLC, or an agreed upon affiliate, entering into a loan agreement of up to $1,250,000 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 Alterna...
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