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Page 1: Bridging the Finance Gap

Bridging the Finance Gap

Terri SmithEnvironmental Liability

Management, Inc.

Page 2: Bridging the Finance Gap

“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

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“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

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“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

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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

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Leveraging Financial Opportunities Many successful brownfield

projects often leverage private and public financial resources

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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

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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

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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

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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

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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

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Leveraging Financial Opportunities State Financial programs can

include: Low interest loans Grant programs Reimbursement programs Municipal bonding instruments Tax incentive programs

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What else is required? Careful planning Vision Creativity Partnership

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It takes a vision… Identify site Evaluate potential

reuse Develop strategies Investigate

financial programs LEVERAGE LEVERAGE LEVERAGE

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Thank you If you have any questions –

Terri SmithEnvironmental Liability Management, [email protected]


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