DRAFT Subject to modifications

Transcription

1 DRAFT Subject to modifications TREASURE COAST REGIONAL PLANNING COUNCIL M E M O R A N D U M To: Council Members AGENDA ITEM 9 From: Date: Staff June 17, 2011 Council Meeting Subject: Brownfields Cleanup Loan and Subgrant with the West Palm Beach Community Redevelopment Agency Introduction At the request of the West Palm Beach Community Redevelopment Agency (CRA), Council staff met with CRA staff on January 25, 2011 to discuss the availability of financial assistance through Council s U.S. Environmental Protection Agency-funded Brownfield Revolving Loan Fund loan and/or subgrant resources to assist the CRA in remediating a petroleum-contaminated brownfield site located within the Northwood area of the City (Exhibit 1). Based upon extensive environmental assessment studies completed within the Northwood Anchor site area (approximately 2.36 acres) provided through the Council s Brownfields Program, it was concluded the only property within the Northwood Anchor site requiring remediation was 2401 Broadway Avenue (a former gas station). The cost estimate for the site remediation for the 2401 Broadway Avenue property is approximately $190,400. Total project costs should not exceed $200,000. At its May 31, 2011 meeting, the CRA approved Resolution No (Attachment A) authorizing the Chair of the CRA to execute the loan and grant applications to Council and further authorized the Chair to execute all documents necessary to receive and utilize the brownfield funds. The purpose of this agenda item is to seek the authorization of Council to prepare and execute loan and subgrant documents necessary to provide funding to the CRA in the form of a $160,000 no-interest loan and a $30,400 subgrant to cover the estimated groundwater remediation costs for the property. Thus far, the CRA has supported the environmental efforts at the Northwood Anchor site by contributing approximately $25,300. The proposed loan and subgrant will be used for the remediation in an effort to obtain a No Further Action letter from the Florida Department of Environmental Protection (FDEP). This letter assures potential developers a clean, developable site with numerous Brownfield incentives.

2 Background DRAFT Subject to modifications Since 2004, Council s Brownfields Program has provided environmental assessment assistance to the CRA to help it determine the scope and extent of contamination at the Northwood Anchor redevelopment site and to develop solutions to remediate known contaminants. The Northwood Anchor site includes all or portions of three blocks within the Northwood area of West Palm Beach. This three block area previously included gasoline stations, a dry cleaner facility, an auto salvage/repair facility and an auto repair shop. These uses have been discontinued and the brownfield site is largely vacant. Based upon the extensive environmental assessment studies performed by Council s environmental consultants on behalf of the CRA, it was determined that only one portion of the area, 2401 Broadway Avenue (a former gas station) had documented petroleum-related groundwater impacts. In 2009, a Combined Brownfields Site Assessment Report and Remedial Action Plan (RAP) was prepared and submitted to the FDEP. A remedial action plan, under the requirements of Rule , Florida Administrative Code, provides a design that addresses cleanup of all contaminated soil, sediment, and groundwater found to be contaminated. The FDEP signified its approval of the RAP in a letter to the CRA dated April 12, Approval of the loan and subgrant assistance to the CRA is essential to implementing the provisions of the approved RAP and preparing the brownfield site for redevelopment purposes. Recommendation Council should authorize the Chairman/Vice Chairman and/or Executive Director in consultation with Council s attorney to propose, execute, modify, and deliver loan closing documents and subgrant documents in such form and content as they shall determine to effectuate the loan and subgrant to the West Palm Beach Community Redevelopment Agency, subject to final U.S. Environmental Protection Agency approval. Attachments 2

3 Exhibit 1

4 Attachment A RESOLUTION NO A RESOLUTION OF THE WEST PALM BEACH COMMUNITY REDEVELOPMENT ("CRA") APPROVING AND AUTHORIZING THE CHAIR TO EXECUTE A NO INTEREST BROWNFIELD REVOLVING LOAN FUND APPLICATION AND A SUBGRANT APPLICATION WITH THE TREASURE COAST REGIONAL PLANNING COUNCIL FOR BROWNFIELD GROUNDWATER REMEDIATION TO THE CRA OWNED PROPERTY LOCATED AT 2401 BROADWAY; AUTHORIZING THE CHAIR TO EXECUTE ALL DOCUMENTS NECESSARY TO RECEIVE AND UTILIZE THE FUNDS; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. * * * * * * * * * WHEREAS, the Treasure Coast Regional Planning Council (TCRPC), serves as administrator of an Environmental Protection Agency (EPA) Brownfield Revolving Loan Fund Program (RLF); and WHEREAS, the RLF provides funds to capitalize a revolving loan and to provide subgrants to carry out cleanup activities at brownfield sites; and WHEREAS, the CRA owns the property located at 2401 Broadway which is identified in the Northwood Pleasant City CRA Strategic Finance Plan (the "Plan") as a part of the Anchor Site, a prominent development site in the north end of the City; and WHEREAS, the Plan has as a goal to cooperate with private development interests to encourage a mixture of uses and activities which facilitate and stimulate economic growth in the Northwood Pleasant City Redevelopment Area; and WHEREAS, TCRPC has offered to assist the CRA with a $160,000 no interest loan and $30,400 subgrant for brownfield groundwater remediation to the property located at 2401 Broadway and the CRA desires to apply for the a loan and the grant. A1

5 RESOLUTION NO NOW, THEREFORE, BE IT RESOLVED BY THE WEST PALM BEACH COMMUNITY REDEVELOPMENT AGENCY, that: SECTION 1: The West Palm Beach Community Redevelopment Agency hereby authorizes its Chair to execute a Revolving Loan Fund application and a Subgrant application between the CRA and the Treasure Coast Regional Planning Council (TCRPC) in a form substantially similar to the application attached as Exhibit "A"> SECTION 2: Upon approval of the applications by TCRPC, the West Palm Beach CRA hereby further authorizes the Chair to execute all documents necessary to receive and utilize the loan and grant. SECTION 3: Upon execution of two (2) originals of the Application by the Chair, one fullyexecuted original of the Application shall be provided to and retained by the City Clerk as a public record of the City. SECTION 4: This Resolution shall take effect as provided by law. PASSED AND ADOPTED THIS 3/ ^ DAY OF, (CORPORATE SEAL) ATTEST: WEST PALM BEACH COMMUNITY REDEVELOPMENT AGENCY B v?c^nzj^fhq KhiotfU G^raldine Muoio, Chair CRA Attorney Approved as to form and legal sufficiency By: Date: A2

6 RESOLUTION NO EXHIBIT "A" A3

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8 y3- N \ j b H u p 1, 1 1 ' ^ y ' > T r e a s;a_a^ u r e C o a s t R e g--- _ i o N ^ PLANNING COUNCIL / ' 4 '" -«h E3 Itnjj ^ psl-i n n M H I ~'.. ' ^ T r r q : g-agh-, ^ptislpig INDIAN RIVER - ST. LUCI ' *$- m fnb a w R a^ s " J B i E - MARTIN - PALM BEACH o" i ~ js' SI 1 ' Swn fl - i Fsnirfmr^' "TT^aw'Er :a'elwf?- r t i Treasure Coast Brownfields Revolving Loan Fund Program Loan Application Loan Application Procedure: Treasure Coast Brownfields Revolving Loan Fund (TCBRLF) program loan applications and guidance will be provided upon request to interested loan applicants for the TCBRLF program. The applicant must submit a completed TCBRLF Loan Application to TCRPC to be considered for the program. The Project/Fund Manager will review the loan application and eligibility according to local, state and federal guidelines. If eligible, the program's Loan Review Committee (LRC) will make the final decision to "approve", "deny" or "approve contingent upon specific modifications" the funding request. Fees: The following non-refundable fee(s) will be required with the completed application to the TCBRLF Loan Program. Checks must be made payable to Treasure Coast Regional Planning Council. Application Fee: 0.375% of loan request or minimum of $250, whichever is greater Closing Fee: 0.5% for loans over $100, % for loans under $100,000 Borrower shall assume all closing costs. Mailing Address: Send completed application and fee payment to: Greg Vaday, AICP Economic Development Coordinator Treasure Coast Regional Planning Council 301 East Ocean Boulevard Suite 300 Stuart, FL A5

9 Page 1 of9 TREASURE COAST BROWNFIELDS PROGRAM REVOLVING LOAN FUND APPLICATION I. GENERAL INFORMATION Name of Individual completing this form: Barry S. Lazarus Title: CRA Real Estate Administrator Legal Business Name West Palm Beach Community Redevelopment Agency Type of Business: Community Redevelopment Principle Business Product: Redevelopment / Business Incentives NAICS Code: Tax I.D. #: C-3 Is the Business? Start-up Established Date business established: Legal Structure of the Business Proprietorship Partnership Corporation Sub-Chapter S Non-Profit LLC Other Business Street Address: 401 Clematis Street, 2 nd Street City, State Zip Code West Palm Beach, Florida Years at current location: Telephone Number: Fax Number: Address: Website Address: blazarus@wpb.org Cityofwpb.org A6 1

10 Page 2 of 9 II. OWNERSHIP List names of all stockholders, partners, owners and officers and percentage of ownership. Attach separate sheet if additional space is needed. 1. Name: Title: SS# Street Address: Home Telephone: Work Telephone: Address: Fax Number: Percent of Company Owned: Other Companies Owned: # Of Years Owned: Annual earnings from company: 2 Name: Title: SS# Street Address: Home Telephone: Work Telephone: Address: Fax Number: Percent of Company Owned: Other Companies Owned: # Of Years Owned: Annual earnings from company: 3. Name: Title: SS# Street Address: Home Telephone: Work Telephone: Address: Fax Number: Percent of Company Owned: Other Companies Owned: # Of Years Owned: Annual earnings from company: 4. Name: Title: SS# Street Address: Home Telephone: Work Telephone: Address: Fax Number: Percent of Company Owned: Other Companies Owned: # Of Years Owned: Annual earnings from company: A7 2

11 Page 3 of9 III. MANAGEMENT List Key Officers, Managers and Employees. Attach separate sheet if additional space is needed. Include resumes with application. Name Title/Responsibility Annual Salary Years of Experience IV. BUSINESS BACKGROUND INFORMATION Please provide a brief history of your business' future plans and projections and describe your products and/or services and the competition you face. (Attach Business Plan) Please see attached Northwood/Pleasant City Strategic Finance Plan Please provide information on your previous business experience and experience relevant to the success of the company. Provide information on any environmental issues related to the business property. If a Phase I or Phase II Environmental Site Assessment has been done, please provide a copy or copies. Please refer to previous assessment reports and the latest Brownfield Site Assessment report. A8

12 Page 4 of 9 BUSINESS ADVISORS: PROFESSIONAL SERVICES The names of all attorneys, accountants, appraisers, agents, and all other parties (whether individual partnerships, association, or corporations) engaged by or on behalf of the applicant (whether on a salary, retainer, or fee basis and regardless of the amount of compensation) for the purpose of rendering professional or other services of any nature whatever to the applicant, in connection with the preparation or presentation of this application or with any loan to applicant which TCRPC may make or participate in as a result of this application, or such loan or participation; and all fees or other charges or compensation paid or to be paid therefore for any purpose in connection with this application whether in money or other property of any kind whatever, by or the account of the applicant, together with a description of such services rendered or to be rendered are as follows: Accountant's Name Street Address City, State Zip Code Phone Compensation Agreement: Description of Service to be rendered: Attorney's Name Street Address City, State Zip Code Phone Samuel Thomas 401 Clematis Street WPB, FL Compensation Agreement: Description of Service to be rendered: Handles all CRA legal matters. Insurance Agent Street Address City, State Zip Code Phone Roger Moore 401 Clematis Street WPB, FL Compensation Agreement: Description of Service to be rendered: Handles all CRA insurance and risk matters. Other Street Address City, State Zip Code Phone Compensation Agreement: Description of Service to be rendered: Other Street Address City, State Zip Code Phone Compensation Agreement: Description of Service to be rendered: A9 4

13 Page 5 of 9 V. STRATEGIC ALLIANCES: List any key alliances you may have negotiated with other companies or suppliers. VI. FINANCIAL INFORMATION: Approximate Annual Sales Revenue Please see attached Northwood/Pleasant City Strategic Finance Plan BUSINESS BANKING INFORMATION: 1. Bank: Contact: Phone: Wachovia Bank Available upon request. Account Type: Account Number: Account Balance 2. Bank: Contact: Phone: Account Type: Account Number: Account Balance 3. Bank: Contact: Phone: Account Type: Account Number: Account Balance CREDIT RELATIONSHIPS: 1. Name/Address of Creditor Purpose of Loan Original Loan Amount $ $ $ Repayment Terms Maturity Date Amount Presently Owing $ $ $ Repayment Terms Maturity Date $ $ $ Repayment Terms Maturity Date A10 5

14 Page 6 of 9 MISCELLANEOUS FINANCIAL INFORMAT ON: 1. Has the business or principal owner ever No been turned down for a business loan? If so, when? Please provide the name of entity that denied the loan, the primary contact and the phone number. (Attach letter of denial) 2. Has the business or principal owner ever No declared bankruptcy? If yes, please provide details on a separate sheet. Yes DYes 3. Is the business a defendant in any lawsuit? No Yes: Amount $ If yes, pleas provide details on a separate sheet of paper. 4. Are you a co-maker, endorser, or guarantor on any loan or contract? If yes, to whom owed? No DYes: Amounts 5. Are there any unsatisfied judgments against you? If yes, to whom owed? No Yes: Amount $ 6. Do you owe back taxes to the state No Yes: Amount $ or federal government? VII. LOAN REQUEST Amount Of TCBRLF Loan $160,000 Date the financing is needed by: September 2011 USE OF FUNDS: REQUESTED TERM OF RBI RLF LOAN: Category Total Project Cost TCBRLF Portion of Total Project Cost Brownfield Cleanup* $200,000 $160,000 *(Not to Exceed) Total: $200,000 $160,000 A11 6

15 Page 7 of 9 AMOUNT OBTAINED FROM OTHER SOURCES Source Amount Security/Collateral SUMMARY OF COLLATERAL OFFERED Attach a detailed list of collateral offered that includes the method of valuation. TCRPC will require the transfer of a first or second lien position deed on real estate or buildings and will require an assignment of other assets offered as collateral. If assets are jointly owned, TCRPC may require the signature of other owner on a security instrument at loan closing, as allowed Section 202(d) (4) of the Equal Credit Opportunity Act A current appraisal of real estate and buildings offered as collateral may also be required as a condition of the loan closing. Cost Net Book Value (Cost Less Depreciation) Present Liens or Mortgage Balance Land and Buildings $230, Machinery/Equipment Furniture/Fixtures Accounts Receivable Inventory Other (Specify) VIII. COMMUNITY BENEFIT Please list the minority persons you currently employ. For this application, the following are considered minority persons: Blacks (Non-Hispanic), Hispanics, Asians/Pacific Islanders, and American ndians/alaskan Natives. Minority Female Minority Male Non-Minority Female Non-Minority Male Present Employment Present Payroll (Dollars) # Of Jobs to be Created Future Payroll (Dollars) Date By Which Jobs Will Be Created A12 7

16 Page 8 of 9 ESTIMATED ANNUAL TAXES TO BE PAID ONCE PROJECT IS FUL LY OPERATIOAL Federal State Local Income (Corporate) Payroll Excise Real Estate Other Total IX. CERTIFICATION I certify, as the authorized representative of the applicant company, that all information furnished as part of and in support of this application is true and complete to the best of my knowledge and belief. Verification may be obtained from any source named in the application or support documents. I acknowledge that all information submitted to TCRPC is public record. Signature Date Title Signature Date Title A13 8

17 Page 9 of 9 TREASURE COAST BROWNFIELDS CLEANUP REVOLVING LOAN FUND APPLICATION CHECKLIST THE FOLLOWING INFORMATION IS REQUIRED FOR ALL APPLICANTS: Completed TCBRLF loan application. Business Plan Business federal tax returns for the past three years Accountant prepared business financial statements Profit and loss statements for the past three years Balance sheet statements for the past three years Cash flow projections for 2 years Cash flow for prior 3 years Quotes for purchase or collateral appraisal documents Interim financial statements (no more than 90 days old for existing businesses) Federal tax returns for each principal owner listed in Section II for past 3 years Personal Financial Statement Management resumes Organizational Papers Articles of Incorporation Fictitious name statement Copy of business license Environmental Assessment Report/ Engineering Evaluation and Cost Analysis Community Relations Plan * Non-Refundable Application Fee: of Loan Request or Minimum of $250 A14 9