Bridging the Finance Gap

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Bridging the Finance Gap

• Terri Smith
• Environmental Liability Management, Inc.

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Recycling Americas 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 Americas 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 Americas 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 Smith
• Environmental Liability Management, Inc.
• 609-683-4848
• tsmith_at_elminc.com