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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.