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Staff Update <br />���i <br />�� <br />I nteroffice Memo <br />To: Steve Sarkozy, City Manager <br />From: Cathy Bennett, Economic Developmen� <br />c c: Dennis Welsch, Community Development Director <br />Date: OS/18/00 <br />Re: Brownfield Revolving Loan Fund Award <br />It was announced today that Roseville was awarded $500,000 to provide loans for contamination clean <br />up in the Twin Lakes Redevelopment area over a 5-year period. Attached is a press release from EPA in <br />Washington regarding Vice President Gore's announcement of awards for funds to revitalize <br />contaminated properties. <br />Roseville made an application in February for the funds to provide loans for environmental clean up in <br />the Twin Lakes redevelopment area. These loan funds can be provided to property owners, developers <br />and the City itself with very flexible terms and conditions. As part of this process, the City will set up a <br />loan review committee consisting of staff from finance and community development, city attorney, <br />environmental consultant, local banker and local resident. The committee will be responsible for <br />preparing loan criteria and reviewing loan requests. The City is eligible to retain 10% or $50,000 for <br />administration fees in connection with issuing the loans. <br />There were a total of 30 grants awarded under this category by EPA and Roseville is the only community <br />is Minnesota. Hennipen County received the funds last year and the State of Minnesota received one in <br />1997. <br />Once the initial round of dollars are loaned, the Cii may use the payments for other projects outside of <br />the Twin Lakes area. These dollars will provide a long term source of funding for environmental clean up <br />in the community. <br />• Page 1 <br />