Funds part of $15 million to clean up and redevelop Brownfields sites across the country
Denver, CO – July 16, 2013 – (RealEstateRama) — The U.S. Environmental Protection Agency (EPA) is providing the Great Falls Development Authority (GFDA) with $300,000 in supplemental funding to expand local efforts to assess, cleanup and redevelop properties throughout the community of Great Falls, Mont. Today’s announcement is part of nearly $15 million in supplemental Brownfields Revolving Loan Funding (RLF) EPA is providing to more than 41 communities across the nation to help clean up contaminated properties. These projects will create jobs while protecting people’s health and the environment.
The Great Falls Development Authority was originally awarded an EPA Brownfields Assessment Grant in 2003 to assess the environmental uncertainties on many sites in and around the riverfront area of Great Falls. As a result of these assessments, GFDA was awarded their current Brownfields Revolving Loan Fund in 2006. The purpose of this fund is to facilitate the reuse and redevelopment of properties throughout the city. The additional funds awarded today will be used at the Arvon Block Building, the Rocky Mountain Building, and the 4400 Central Avenue Building, among other projects.
“These funds – granted to communities who have already achieved success in their work to clean up and redevelop brownfields – will help boost local economies, create local jobs and protect people from harmful pollution by expediting Brownfield projects,” said Mathy Stanislaus, assistant administrator for EPA’s Office of Solid Waste and Emergency Response. “The RLF supplemental recipients are some of the nation’s top performers. Collectively, these communities have already leveraged more than $2.5 billion in cleanup and redevelopment investment – the RLF funding announced today will help sustain that incredible progress.”
Revolving loan funds specifically supply funding for grant recipients to provide loans and sub-grants to carry out cleanup activities at brownfield sites. When these loans are repaid, the loan amount is then returned to the fund and subgranted or re-loaned to other borrowers, providing an ongoing source of capital within a community as the funds are redistributed to other high performing grantees. The supplemental grants range in funding from about $200,000 to $400,000 with an average grant award of $300,000.
There are an estimated 450,000 abandoned and contaminated sites in the United States. EPA’s Brownfields program targets these sites to encourage redevelopment, and help to provide the opportunity for productive community use of contaminated properties. EPA’s Brownfields investments overall have leveraged more than $20 billion in cleanup and redevelopment funding from public and private sources and on average, $17.79 is leveraged for every EPA Brownfields grant dollar spent.
More information on EPA’s brownfields program: http://www.epa.gov/brownfields/
More information on Brownfields Revolving Loan Fund grants: http://www.epa.gov/brownfields/rlflst.htm
Matthew Allen, 303-312-6085; Ted Lanzano, 303-312-6596