Title
Authorizing the Office of Financial Services to apply for and, if awarded, accept a Petrofund Grant from the Minnesota Department of Commerce for the purpose of reimbursing costs for investigation and cleanup of underground petroleum storage tanks at the Pedro's Luggage site at 501 Robert Street North.
Body
WHEREAS, the Office of Financial Services is requesting permission to apply for Petrofund grant funds from the Minnesota Department of Commerce for the purpose of recovering costs for investigation and cleanup of underground petroleum storage tanks; and
WHEREAS, the Petrofund was created by the Minnesota State Legislature in 1987 in response to federal legislation requiring all owners and operators of regulated underground petroleum storage tanks to show that they have up to $1 million immediately available to respond to a petroleum tank leak or liability to a third party. To help tank owners and operators fulfill these requirements, and to address historical petroleum contamination throughout the state, the legislature made financial assistance available through the Petrofund. In Minnesota, petroleum storage tank owners and operators are eligible to apply for up to $1 million of Petrofund reimbursement if they have incurred investigative or cleanup costs, or if they owe damages to a third party. Eligible applicants include homeowners, school districts, government agencies, sovereign tribal nations, and petroleum retailers; and
WHEREAS, financial assistance from the Petrofund comes in the form of reimbursement for incurred costs. The fund reimburses eligible applicants up to 90 percent of "reasonable and necessary" costs they incur in responding to a petroleum tank leak; and
WHEREAS, on December 1, 2009 the property located at 501 Robert Street was donated to the City of Saint Paul for use as a Park; and
WHEREAS, at the time of the donation, the building that formerly held Pedro's Luggage was on the site; and
WHEREAS, in order to develop ...
Click here for full text