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File #: 13-9436    Version: A Name: Fund borrow for remediation of 1129 Michigan Blvd. (Res. No. 13-0419)
Type: Communication Status: Passed
File created: 10/4/2013 In control: Redevelopment Authority of the City of Racine
On agenda: Final action: 10/15/2013
Title: Subject: (Direct Referral) Request by the Assistant Executive Director seeking approval to borrow funds from the City of Racine US EPA Brownfield Clean Up Revolving Loan Fund to assist in the environmental remediation of 1129 Michigan Boulevard, Harborside (Walker) Property. (Res. No. 13-0419) Recommendation of the Redevelopment Authority on 10-7-13: That the Authority borrows funds from the City of Racine US EPA Brownfield Cleanup Revolving Loan Fund. Further, the Director of City Development, or his designee, act on behalf of the Authority to submit a loan application for $150,000 to aid in the site cleanup of 1129 Michigan Boulevard (aka the Harborside property), sign all necessary forms and documents (including loan application, borrowing resolution, closing documents), pay all closing and legal fees, and take necessary action to undertake, direct, and complete approved loan activities. Fiscal Note: The loan will be from the City BC-RLF for $150,000 at 0% interest until expirati...
Related files: Res.13-0419
Title
Subject: (Direct Referral) Request by the Assistant Executive Director seeking approval to borrow funds from the City of Racine US EPA Brownfield Clean Up Revolving Loan Fund to assist in the environmental remediation of 1129 Michigan Boulevard, Harborside (Walker) Property. (Res. No. 13-0419)
 
Recommendation of the Redevelopment Authority on 10-7-13: That the Authority borrows funds from the City of Racine US EPA Brownfield Cleanup Revolving Loan Fund.
 
Further, the Director of City Development, or his designee, act on behalf of the Authority to submit a loan application for $150,000 to aid in the site cleanup of 1129 Michigan Boulevard (aka the Harborside property), sign all necessary forms and documents (including loan application, borrowing resolution, closing documents), pay all closing and legal fees, and take necessary action to undertake, direct, and complete approved loan activities.
 
Fiscal Note: The loan will be from the City BC-RLF for $150,000 at 0% interest until expiration of Tax Increment District 14 (2031), or the sale of the property, whichever comes first.  There are sufficient funds in the capital budget for legal fees and closing costs.