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REQUEST FOR CITY COUNCIL ACTION <br /> DATE: 8/28/00 <br /> ITEM NO: F-3 <br /> Department Approval: C i t y N,la�age�Approval: Agenda Section: <br /> ��Uf�-� Ppenorts <br /> Item Description: Approval to Establish a Loan Review Committee for the US <br /> Environmental Protection Agency Brownfield Cleanup Revolving <br /> Loan Fund <br /> 1.0 REQUESTED ACTION <br /> 1.1 The City of Roseville has been awarded $500,000 from the US Environmental Protection <br /> Agency to provide environmental cleanup loans needed for the implementation of <br /> redevelopment within the Twin Lakes Redevelopment Area. <br /> 1.2 The City of Roseville is preparing to assemble a loan review committee as required by the <br /> EPA Brownfield Cleanup Revolving Loan Fund (BCRLF), and as detailed in the City's <br /> BCRLF Work Plan. <br /> 1.3 Staff is requesting the authorization to establish the loan review committee as presented in <br /> the following information. <br /> 2.0 BACKGROUND <br /> 2.1 The BCRLF loan review committee would be responsible for providing input and <br /> recommendation for the use of the $500,000 loan fund granted to the City by the EPA for the <br /> Twin Lakes Redevelopment Area. Twin Lakes property owners, real estate developers and <br /> government agencies will be eligible to apply for loan funds to help pay for environmental <br /> cleanup of contamination on parcels within Twin Lakes boundaries. <br /> 2.2 All recommended loans would require a public notice period and final Council approval per <br /> the federal statutory requirements. <br /> 2.3 The goal of the EPA Brownfield Cleanup Revolving Loan Fund is to provide low-interest <br /> loans to leverage funds for the cleanup and redevelopment of brownfields. The City of <br /> Roseville's goals for use of the fund include: <br /> • Offering an incentive for property owners to clean up their properties. <br /> Creating a funding source that will be available for unforeseen cleanup costs that may <br /> be identified during the assessment, cleanup and construction processes. <br /> Providing a source of matching funds for property owners and the City of Roseville <br /> necessary for accessing grants from other agencies such as the Minnesota Department <br /> of Trade & Economic Development. <br /> • Partnering with local banks to create funding strategies for brownfields cleanup <br /> whenever possible, in order to leverage EPA funds and to encourage lending <br /> RCA BCRLF Grant(8/28!2000)-Page 1 of 3 <br />