Number
240477
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing up to two loans totaling up to $1,500,000 from RACM’s EPA Brownfield Revolving Loan Fund to East National, LLC or an agreed upon affiliate to be used on the property at 100 East National Avenue, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $13.2 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 at 100 East National Avenue, Milwaukee, Wisconsin is located on approximately 1.6 acres and has been determined to be blighted through the adoption of TID No. 118 (100 East National) (RACM Resolution No 10987; Common Council Resolution No 240165); and
Whereas, the property is blighted by the contamination of metals, polycyclic aromatic hydrocarbons, petroleum volatile organic compounds, and methane in the soil and groundwater, and requires remediation; and
Whereas, East National, LLC are proposing to construct a mixed-use building with commercial space and an affordable housing component with a total estimated investment of approximately $54.6 million; and
Whereas, the Authority has EPA BRLF funds available that could help ensure project feasibility; and
Whereas, the term sheets attached hereto contemplates the Authority and East National, LLC entering into two loan agreements totaling up to $1,500,000 for environmental remediation; and
Whereas, to comply with federal National Environmental Protection 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 100 East National Avenue site proposes a preferred remedial option o...
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