Sponsor
Alderman Shakoor
Title
Mayor and City Clerk be authorized to enter into an agreement with the Racine County Economic Development Corporation to provide financial administration of the new US Environmental Protection Agency Brownfields Cleanup-Revolving Loan Fund Grant
Whereas, the City of Racine applied for and has been awarded a grant from the U.S. Environmental Protection Agency to establish a revolving loan fund for Brownfield clean up (Grant Control No. 2009-50); and
Whereas, the Racine County Economic Development Corporation has expertise in the administration of revolving loan funds for commercial and industrial development and currently administers such funds on behalf of the City.
Now, therefore, be it resolved, that the Mayor and City Clerk be authorized and directed to execute an agreement with the Racine County Economic Development Corporation to provide the financial administration of the new US Environmental Protection Agency Brownfields Cleanup - Revolving Loan Fund (BC-RLF) grant received by the City of Racine.
Fiscal Note: There is no cost to City. The grant is for $1,000,000; borrowers are required to provide a match of not less than 20% for each project. The cost of administration will be provided from fees and interest earned by the fund.