Sponsor
Alderman Shakoor
Title
US-EPA Brownfield Clean-up Revolving Loan Fund - Environmental Remediation of 1129 Michigan Boulevard
Resolved, that the request of the Authority to borrow funds from the City of Racine US-EPA Brownfield Clean-up Revolving Loan Fund is approved.
Further resolved, that the Director of City Development, or his designee, act on behalf of the Authority to submit a loan application for $150,000.00 to aid in the site clean-up of 1129 Michigan Boulevard (aka the Harborside property), sign all necessary forms and documents (including loan application, borrowing resolution and 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 $150,000.00 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.