1 / 23

Indiana Finance Authority Environmental Programs

Indiana Finance Authority Environmental Programs. Presentation to ACEC’s Indiana Environmental Business Conference September 15, 2005. What are Brownfields?. Indiana defines a brownfield site as: a parcel of real estate abandoned, inactive, or underutilized

efia
Download Presentation

Indiana Finance Authority Environmental Programs

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Indiana Finance AuthorityEnvironmental Programs Presentation to ACEC’s Indiana Environmental Business Conference September 15, 2005

  2. What are Brownfields? • Indiana defines a brownfield site as: • a parcel of real estate • abandoned, inactive, or underutilized • on which expansion, redevelopment, or reuse is complicated because of the presence or potential presence of a hazardous substance, a contaminant, petroleum, or petroleum product

  3. Why is Brownfields Redevelopment Important? • Links economic vitality with environmental protection • Returns abandoned or underutilized properties to tax roles • Increases surrounding property values • Improves community appearance • Fosters sustainable and livable communities • Encourages planned growth/discourages urban sprawl • Preserves greenspace

  4. History of Brownfields Program • Enabling Legislation: SEA 360 (1997) and HEA 1909 (1999) – codified in IC 13-19-5 • Program has historically been administered by two agencies: • IDFA: Fund manager, provided financial incentives and assistance • IDEM: Provided technical assistance and oversight • IDFA and IDEM operated by MOU, but maintained separate staff, separate office locations, individual programs

  5. Current Financial Incentives • Environmental Remediation Revolving Loan Fund • Site Assessment Grant Incentive (SAGI) • Low Interest Loan Incentive (LILI) • Voluntary Remediation Tax Credit (VRTC) • Federal Grant Matching Incentive (FGMI) • Petroleum Remediation Grant Incentive (PRGI) • Brownfields Cleanup Revolving Loan Fund (BCRLF)

  6. 2005 Fiscal Year Activity • Site Assessment Grants: 39, $663,941 • Remediation Loans: 3, $2,250,000 • Federal Matching Grants: 2, $70,000 • Remediation Grants: 13, $890,388 • Total Grants: $1,624,329 • Total Loans: $2,250,000 • Investment Leveraged: $41.4 million

  7. Effects of SB 578 • Consolidation of staff and resources under the new IFA • All state brownfields services will be offered from one Indiana Brownfields Program Office • Consolidation of Program under IFA reiterates focus of Program on economic development

  8. What Does the Indiana Brownfields Program Offer? • Financial Incentives – Environmental Remediation Revolving Loan Fund; Possible Federal Funding • Technical Resources – Environmental Liability Interpretations, Field Work Oversight, EPA Liaison/Reporting • Education and Outreach

  9. Future Activities • Continue Indiana Brownfields Program consolidation and restructuring • Develop appropriate goals and metrics to measure Program success • Update current and/or create new Incentive guidelines following stakeholder input and comment; will present to IFA Board at upcoming meeting for discussion and approval • Work to increase the number and amount of federal brownfields awards made to Indiana communities • Submit a State 2005 EPA grant application to capitalize a new $2,000,000 brownfields revolving loan fund

  10. Contact Information • Sara Westrick Corbin 317.234.1688, swestrick@idfa.in.gov • Michele Oertel 317.234.0235, moertel@idem.in.gov • Indiana Brownfields Program100 N. Senate Ave., Rm. 1275Indianapolis, IN 46204

  11. State Revolving FundLoan Programs

  12. Purpose • Provide below-market interest rate loans to Indiana communities to finance wastewater and drinking water infrastructure projects • Implement Nonpoint Source project financing

  13. Performance as of June 30, 2005 • Over 220 Wastewater loans closed • Over 80 Drinking Water loans closed • Over 240 communities served • Over $1.5 Billion of loans closed • Almost $1 Billion has been put to use • Subsidized interest rates have saved Indiana Communities $26 million in SFY 2005 alone

  14. SRF Programs Provide • Below market interest rates • 20-year repayment period • Disbursements as needed • Interest paid only on what is borrowed

  15. SRF Interest Rates • 3 Tier Structure Based on User Rates and Median Household Income (MHI) • SRF Program interest rate (“Base Rate”) is based upon 90% of the average 20-year Municipal Market Data (MMD) for a AAA Rated Community • Resets Quarterly

  16. Wastewater SRF Program Interest Rates Up to an additional .50% reduction if a no-point-source project is financed along with a point source project. Drinking Water SRF Program Interest Rates Up to an additional .50% reduction if a no-point-source project is financed along with a point source project. Average MMD for June 2005 4.06% SRF Base Rate July 1 to September 30 2005* 3.65% *SRF Base Rate = 90% of the average 20-year MMD for the month preceding the calendar quarter.

  17. Fundable Projects Wastewater Projects: • Treatment systems (WWTP) • Collection systems • Decentralized Systems • CSO remedies • Infiltration/Inflow • Non-point Source water pollution abatement • Drinking Water Projects: • Treatment Plant • Distribution • Storage • Water Towers

  18. Fundable Projects (cont.) Nonpoint Source (NPS) accompanied by a Wastewater or Drinking Water project • Wetland protection & restoration • On-site sewage disposal systems • BMPs for agriculture and stormwater runoff • Riparian buffers & conservation easements • Wellhead & Source Water Protection

  19. Ineligible Projects • Economic Development Projects (only) • Fire Suppression Projects (only)

  20. Process SRF Application • Submitted by Applicant • Reviewed by SRF Program • Project ranked on SRF PPL • Project-planning Meeting • Submission of PER • Review & Approval of PER • Review & Approval of Financial Due Diligence • Close Loan

  21. New Grants Small System Technical Assistance Fund (SSTAF) • Political subdivisions • DWSRF PPL and serve < 10,000 • WWSRF PPL and serve < 5,000 • Up to 100% of planning & design costs, not to exceed $25,000

  22. Programmatic Information Marylou Renshaw Technical Assistance Manager 317/232-8655 mrenshaw@idem.in.gov Shelley Love Wastewater Administrator 317/232-4396 slove@idem.in.gov Sarah Reymann Drinking Water Administrator 317/232-8663 sreymann@idem.in.gov Finance-related Information James McGoff Director 317/234-2916 jmcgoff@idem.in.gov Rich Emery Financial Analyst 317/232-0759 remery@idem.in.gov Contacts SRF PROGRAMS 100 N. Senate Ave., RM 1275 Indianapolis, IN 46204

More Related