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Bridging the Finance Gap

Bridging the Finance Gap. Terri Smith Environmental Liability Management, Inc. “Recycling America’s Land”. June 9, 2003 US Conference of Mayors Report

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Bridging the Finance Gap

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  1. Bridging the Finance Gap Terri Smith Environmental Liability Management, Inc.

  2. “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

  3. “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

  4. “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

  5. 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

  6. Leveraging Financial Opportunities • Many successful brownfield projects often leverage private and public financial resources

  7. 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 Financial Initiatives

  8. 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

  9. 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

  10. 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

  11. 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 Additional Federal Programs

  12. Leveraging Financial Opportunities • State Financial programs can include: • Low interest loans • Grant programs • Reimbursement programs • Municipal bonding instruments • Tax incentive programs

  13. What else is required? • Careful planning • Vision • Creativity • Partnership

  14. It takes a vision… • Identify site • Evaluate potential reuse • Develop strategies • Investigate financial programs • LEVERAGE • LEVERAGE • LEVERAGE

  15. Thank you • If you have any questions – • Terri Smith Environmental Liability Management, Inc. 609-683-4848 tsmith@elminc.com

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