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CDA reports environmental testing and EPA grant progress; bank releases hotel guarantee
Summary
CDA staff updated the authority on environmental testing at a recently purchased site and said the city applied for an EPA cleanup grant and advanced past initial review; staff also said Waukesha State Bank released the city's $4 million guarantee for the Home2 Suites hotel after the project met required debt‑coverage thresholds.
CDA staff told the authority the agency has begun environmental testing at a site the CDA purchased, notifying seven nearby homeowners (six of seven granted access) and engaging consultants to sample homes and local sewer lines. Staff said public‑works crews will perform geophysical magnetics to check for buried tanks or disturbed soil and that a geophysics subcontractor is scheduled for follow‑up work.
Sean (staff) said the CDA applied for an EPA cleanup grant immediately after purchasing the site and that the application advanced past an early review; staff expect a final decision later this spring. "We did advance and they're going to let us know later this spring whether we receive that grant or not," he said, noting that the CDA has other funds available if the grant is not awarded.
Separately, staff reported the city received a letter from Waukesha State Bank releasing the city from a $4 million construction guarantee on the Home2 Suites hotel after the project met required debt‑coverage thresholds. Staff said the guarantee had been a contingent liability and the release reduces the city's exposure; staff described the hotel as performing well within its portfolio.
Items 6–9 were moved into closed session under state statute for bargaining and competitive considerations.
