Brownfields
Brownfields are abandoned or underutilized industrial or commercial properties where redevelopment is hindered by possible environmental contamination and potential liability under Superfund for parties that purchase these sites.
The redevelopment of these sites removes environmental hazards from communities, relieves pressure to develop pristine open space or farmland and revitalizes communities by creating jobs and returning productive property back to the tax roles.
In an effort to encourage the development of these sites the federal and various state governments have assembled an array of financial incentives. EPI can assist the municipality and developer in accessing these programs. The following is a list of some of the incentives currently available:
- Federal Pilot Assessment Program:
- Provides up to $200,000.00 to enable the assessment of a potentially contaminated property.
- Federal Revolving Loan Program:
- Provides low interest loans of up to $1,000,000 per project to facilitate the remediation of a contaminated site.
- The State of Illinois Brownfields Assessment Grant:
- Provides funding up to $240,000 to facilitate the assessment of contaminated properties.
- State of Illinois Brownfield's Loan Program:
- Provides up to $1,000,000 in low cost loans to enable the clean up of environmentally impacted sites.
- State of Illinois Tax Increment Finance (TIF) Program:
- Allows municipalities to designate TIF Districts within their borders. The funds generated by these Districts may be used to finance the remediation of brownfields.
- Cook County Community Development Block Grant (CDBG) Program:
- Provides monies to aid in any demolition that may be entailed in the redevelopment of a brownfields site. It also provides property tax incentives for qualifying projects.
EPI has the expertise necessary to aid the municipality and developer to identify the financial incentives that best suit their needs, assist them in obtaining the targeted funds and perform the assessment and remedial work necessary to return the subject property to the desired productive use.
Below are some examples of projects EPI has been associated with that entail the use of one or more of the named financial incentives:
- EPI assisted the Salem Baptist Church in acquiring a Cerclis property pursuant to a Prospective Purchasers Agreement (PPA) with the USEPA. EPI developed the USEPA approved Remedial Design Work Plan (RDWP) that is an integral part of the agreement. and also developed a USEPA approved Health and Safety Plan and site specific Quality Assurance Action Plan (QAAP) for this project.
- EPI has successfully prepared and submitted to the Illinois EPA a Brownfields Redevelopment Grant application on behalf of the Village of Thornton. The Grant was awarded on July 5, 2000. EPI is currently working with two other communities in the preparation of a Grant application.
- EPI conducted a $1,000,000 remediation project on behalf of a developer in Cicero, Illinois. The total cost of which was reimbursed to the developer from TIF funds.
- EPI assisted the owner of a small business in obtaining low interest loan funding from the Illinois Brownfield Redevelopment Loan Program.
- EPI is currently working with a developer and municipality in assembling a financial incentive package that would consist funding provided by state, federal and county programs.
