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File #: 10-5487    Version: A Name: Request that an agreement with RCEDC for administration of a brownfields clean-up revolving loan fund be approved.
Type: Communication Status: Passed
File created: 8/12/2010 In control: Economic Development Committee
On agenda: Final action: 9/7/2010
Title: Subject: Communication from the Director of City Development requesting that the City enter into an agreement with Racine County Economic Development Corporation for the administration of a new brownfields cleanup-revolving loan fund (BC-RLF) which was awarded to the City in the form of a grant by the US Environmental Protection Agency. (Res.10-2162) Recommendation by the Economic Development Committee on 8-23-10: That the agreement with Racine County Economic Development Corporation for administration of Brownfields Cleanup - Revolving Loan Fund (BC-RLF) be approved. 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.
Attachments: 1. Brownfields
Related files: Res.10-2162
Title
Subject: Communication from the Director of City Development requesting that the City enter into an agreement with Racine County Economic Development Corporation for the administration of a new brownfields cleanup-revolving loan fund (BC-RLF) which was awarded to the City in the form of a grant by the US Environmental Protection Agency.  (Res.10-2162)
 
Recommendation by the Economic Development Committee on 8-23-10: That the agreement with Racine County Economic Development Corporation for administration of Brownfields Cleanup - Revolving Loan Fund (BC-RLF) be approved.
 
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.