Bridging the Finance Gap
Terri SmithEnvironmental Liability
Management, Inc.
“Recycling America’s Land” June 9, 2003 US Conference of
Mayors Report if 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 America’s Land” In addition, the report also
estimated that approximately 570,000 new jobs could also be created if these sites were developed
“Recycling America’s Land”
The report identifies that “the lack of cleanup funds” was one of the significant impediments to the redevelopment of brownfield sites
Leveraging Financial Opportunities There are many grants at both the
federal/state and municipal level for such brownfield redevelopment aspects as: Site identification Planning Assessment Cleanup Water Infrastructure Transportation Infrastructure
Leveraging Financial Opportunities Many successful brownfield
projects often leverage private and public financial resources
Financial Initiatives Identify alternative
funding mechanisms FEMA USDA Green Space Funding Agriculture Commerce Insurance Transportation Tax credits
Get funding for different aspects of project Historic preservation Infrastructure Mixed use Housing Tree planting Bike paths Pedestrian walkways
Leveraging Financial Opportunities Leverage traditional with non-traditional
funding opportunities Leverage State incentives with Federal
financial and technical programs Investigate Insurance Programs Work with banks and Community
Reinvestment Act funds Evaluate private funding programs
Such as: Ford Foundation, Kellogg Foundation, CitiGroup Foundation, and others
Leveraging Financial Opportunities January 2002 the “Small Business
Liability Protection and Brownfield Revitalization Act” authorized up to $200 million for brownfield assessment and cleanup grants
Leveraging Financial Opportunities This U.S.EPA funding mechanism
can be used to leverage other federal and state funding programs Additional 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 Programs U.S. Department
of Housing and Urban Development
Department of Commerce
Army Corps of Engineers
U.S. Department of Agriculture
U.S. Small Business Administration
U.S. Department of Transportation
Federal Taxpayer Relief Program
Leveraging Financial Opportunities State Financial programs can
include: Low interest loans Grant programs Reimbursement programs Municipal bonding instruments Tax incentive programs
What else is required? Careful planning Vision Creativity Partnership
It takes a vision… Identify site Evaluate potential
reuse Develop strategies Investigate
financial programs LEVERAGE LEVERAGE LEVERAGE
Thank you If you have any questions –
Terri SmithEnvironmental Liability Management, [email protected]