Bridging the Finance Gap

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Bridging the Finance Gap. Terri Smith Environmental Liability Management, Inc. Recycling Americas Land. June 9, 2003 US Conference of Mayors Report - PowerPoint PPT Presentation

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  • Bridging the Finance GapTerri SmithEnvironmental Liability Management, Inc.

  • Recycling Americas LandJune 9, 2003 US Conference of Mayors Reportif existing brownfield sites in communities across the country were redeveloped it is estimated that local governments could receive $1.9 billion in additional tax revenue

  • Recycling Americas LandIn addition, the report also estimated that approximately 570,000 new jobs could also be created if these sites were developed

  • Recycling Americas LandThe report identifies that the lack of cleanup funds was one of the significant impediments to the redevelopment of brownfield sites

  • Leveraging Financial OpportunitiesThere are many grants at both the federal/state and municipal level for such brownfield redevelopment aspects as:Site identificationPlanningAssessmentCleanupWater InfrastructureTransportation Infrastructure

  • Leveraging Financial OpportunitiesMany successful brownfield projects often leverage private and public financial resources

  • Financial InitiativesIdentify alternative funding mechanismsFEMAUSDAGreen Space FundingAgriculture CommerceInsuranceTransportationTax creditsGet funding for different aspects of projectHistoric preservationInfrastructureMixed useHousingTree plantingBike pathsPedestrian walkways

  • Leveraging Financial OpportunitiesLeverage traditional with non-traditional funding opportunitiesLeverage State incentives with Federal financial and technical programsInvestigate Insurance ProgramsWork with banks and Community Reinvestment Act fundsEvaluate private funding programsSuch as: Ford Foundation, Kellogg Foundation, CitiGroup Foundation, and others

  • Leveraging Financial OpportunitiesJanuary 2002 the Small Business Liability Protection and Brownfield Revitalization Act authorized up to $200 million for brownfield assessment and cleanup grants

  • Leveraging Financial OpportunitiesThis U.S.EPA funding mechanism can be used to leverage other federal and state funding programsAdditional U.S.EPA financial and technical assistance programs can be used for job training, revolving loan funds, targeted assistance grants and environmental justice grants

  • Additional Federal ProgramsU.S. Department of Housing and Urban DevelopmentDepartment of CommerceArmy Corps of EngineersU.S. Department of Agriculture

    U.S. Small Business AdministrationU.S. Department of TransportationFederal Taxpayer Relief Program

  • Leveraging Financial OpportunitiesState Financial programs can include:Low interest loansGrant programsReimbursement programsMunicipal bonding instrumentsTax incentive programs

  • What else is required?Careful planningVisionCreativityPartnership

  • It takes a visionIdentify siteEvaluate potential reuseDevelop strategiesInvestigate financial programsLEVERAGELEVERAGELEVERAGE

  • Thank youIf you have any questions Terri SmithEnvironmental Liability Management, Inc.609-683-4848tsmith@elminc.com