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File #: 0033-20    Version: A Name: Subject: Communication sponsored by Alder Shakoor, II requesting approval of a Brownfield Cleanup Revolving Loan Fund loan of up to $450,000 and additional terms and conditions to CCM-Racine AJAX II, LLC and directing Mayor, Clerk and City Staff to execut
Type: Communication Status: Passed
File created: 1/10/2020 In control: Finance and Personnel Committee
On agenda: 1/21/2020 Final action: 1/21/2020
Title: Subject: Communication sponsored by Alder Shakoor, II requesting approval of a Brownfield Cleanup Revolving Loan Fund loan of up to $450,000 and additional terms and conditions to CCM-Racine AJAX II, LLC and directing Mayor, Clerk and City Staff to execute loan documents to facilitate the loan. Recommendation of the Finance & Personnel Committee on 01-13-2020: That the request for approval of a Brownfield Cleanup Revolving Loan Fund loan of up to $450,000 and additional terms and conditions to CCM-Racine AJAX II, LLC be approved. Further that the Mayor, City Clerk, and City Staff be authorized to execute loan documents to facilitate the loan. Fiscal Note: The Brownfield Cleanup Revolving Loan will be made from grant proceeds received from the US Environmental Protection Agency not to exceed $450,000. No City funds will be used to transact this loan.
Attachments: 1. ABM BCRLF Loan to Ajax Development.pdf, 2. #0033-20 Resolution

Title

Subject: Communication sponsored by Alder Shakoor, II requesting approval of a Brownfield Cleanup Revolving Loan Fund loan of up to $450,000 and additional terms and conditions to CCM-Racine AJAX II, LLC and directing Mayor, Clerk and City Staff to execute loan documents to facilitate the loan.

 

Recommendation of the Finance & Personnel Committee on 01-13-2020: That the request for approval of a Brownfield Cleanup Revolving Loan Fund loan of up to $450,000 and additional terms and conditions to CCM-Racine AJAX II, LLC be approved. Further that the Mayor, City Clerk, and City Staff be authorized to execute loan documents to facilitate the loan.

 

Fiscal Note: The Brownfield Cleanup Revolving Loan will be made from grant proceeds received from the US Environmental Protection Agency not to exceed $450,000. No City funds will be used to transact this loan.