Title
Authorizing the Department of Parks and Recreation to submit a Minnesota Cleanup Revolving Loan Fund application, and if awarded, to execute and manage such loan through the Minnesota Department of Employment and Economic Development (DEED), Brownfields and Redevelopment Office, for the Lowertown Ballpark Project, and to enter into such agreements as are necessary to implement the project.
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WHEREAS, the Department of Parks and Recreation is seeking authorization to submit a Minnesota Cleanup Revolving Loan Fund application, and if awarded, to execute and manage such loan through the Minnesota Department of Employment and Economic Development (DEED), Brownfields and Redevelopment Office, for the Lowertown Ballpark Project, and to enter into such agreements as are necessary to implement the project; and
WHEREAS, the Minnesota Cleanup Revolving Loan Fund was capitalized with funds granted by the U.S. Environmental Protection Agency to provide low-interest loan funds to clean contaminated sites and to provide greater opportunities to convert contaminated property into a marketable asset; and
WHEREAS, the main objective of this program is to remediate polluted soils from contaminated sites in order to provide developable land and reduce the potential threat to public health and the environment; and
WHEREAS, the remediation of contaminants will contribute to the economic well-being of communities by assuring that new jobs and an increased tax base will result on sites that were previously polluted and not operating at their highest use; and
WHEREAS, the City of Saint Paul, Department of Parks and Recreation, is seeking approval to submit a loan application requesting $1,000,000 for the Lowertown Ballpark project through this program to be repaid in 15 years at 1% interest; now, therefore, be it
RESOLVED, that the Department of Parks and Recreation is hereby authorized to apply for a Minnesota Cleanup Revolving Loan Fund through the Minnesota Department of ...
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