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GAP STRATEGIES <br />N0.6 <br />Obtain ��t� �ir�a n ���n� <br />The Twin Lakes area has a history of environmental soil contamination. Based <br />upon the area's square footage, the potential environmental contamination clean up <br />costs are estimated at $8.7 million. The City received environmental clean up <br />funds from the US Environmental Protection Agency (EPA) in the amount of <br />$450,000 to $500,000. These fixnds must be used by the end of 2004 or the EPA <br />will reclaim the funds fro;m the City and apply them to other projects tllroughout <br />the country. City staff is currently wo�rking on using those funds for other projects <br />in the City on a short term basis so that they can be applied to Twin Lakes as future <br />redevelopment occurs. <br />In addition to the EPA funds, other sources of environmental clean up funds may <br />be available from the Metropolitan Council's T� Base Revitalization Account and <br />the Department of Employment and Economic Development's Contamination <br />Clean Up Grant Program. Both of these programs are grant programs and there is <br />substantial competition for the use of these funds. Although the 'I�vii.1 Lakes <br />development meets the criteria for both programs, the max.imum funds it could <br />receive is estimated at $3.0 million. <br />i � �f 34 <br />