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agreement to access the funds. <br />3.0 STAFF COMMENT <br />3.1 Cleanup of contamination within the Twin Lakes Parkway area or on private development <br />parcels is critical to the long-term success of the entire Twin Lakes Redevelopment Area. <br />The loan funds will provide an additional financing tool to cover some of the clean up <br />costs within Twin Lakes. <br />3.2 $450,000 is available for cleanup loans and $50,000 is available for the City's <br />administration of the loan funds to include underwriting, origination and legal fees. The <br />initial funds must be spent within three years expiring September 2003. Loan proceeds <br />will go into a fund for future cleanup loans within the City. <br />3.3 The cooperative agreement documents and work plan are due to US EPA Region 5 by July <br />14, 2000. <br />4.0 STAFF RECOMMENDATION <br />4.1 Since a City Official must sign the documents provided in the cooperative agreement, staff <br />is recommending that Council provide the City Manager, on behalf of the City of <br />Roseville, with the authority to execute the required forms and administration of the work <br />plan. <br />5.0 SUGGESTED CITY COUNCIL ACTION: <br />5.1 Per resolution, authorize the City Manager to execute documents regarding acceptance and <br />administration of the US EPA Brownfield Cleanup Revolving Loan Fund. <br />Attachments: Draft Resolution <br />Prepared by: Cathy Bennett (490-2241) <br />Q:\EPA�EPA_Grant�BCRLF Grant App\IiCA EPA GRANT Acceptance 1fi2700).doc <br />RCA BCRLF Grant (6/27/2000) - Page 2 of 2 <br />