Three Entities in Missouri to Receive Total of $1.6M in Supplemental Funds to Clean and Redevelop Brownfields
Release Date: 07/15/2013
Contact Information: Belinda Young, 913-551-7463, email@example.com
FOR IMMEDIATE RELEASE
(Lenexa, Kan., July 15, 2013) - Public authorities in Jefferson City and St. Louis, Mo., along with the City of Springfield, Mo., will receive a total of $1.6 million in supplemental revolving loan funds (RLF) to help clean up and redevelop brownfields properties, the U.S. Environmental Protection Agency (EPA) announced today.
The Environmental Improvement and Energy Resources Authority (EIERA), a quasi-governmental financing agency based in Jefferson City; and the St. Louis Development Corporation (SLDC) will each receive $300,000 to address hazardous substances and $200,000 to address petroleum contamination. The City of Springfield will receive $250,000 to address hazardous substances and $350,000 to address petroleum.
EPA selected the three entities to receive RLF funding based on their demonstrated ability to assist communities through effective brownfields redevelopment loans. Revolving loan funds are generally used to provide low- or no-interest loans for brownfields cleanups. The awards to the three Missouri entities are part of $15 million in RLF assistance that EPA is providing nationwide.
RLF funds enable states, political subdivisions, and Indian tribes to make low-interest loans to carry out cleanup activities at brownfields properties. Through these funds, EPA seeks to strengthen the marketplace and encourage stakeholders to leverage the resources needed to clean up and redevelop brownfields. When loans are repaid, the loan amount is returned to the fund and re-lent to other borrowers, providing an ongoing source of capital within a community.
Operating statewide in Missouri, EIERA has awarded three cleanup loans and eight cleanup sub-grants from past funds, assisting large, medium and small and rural communities. In St. Louis, the SLDC has awarded two loans and six sub-grants primarily focused in St. Louis’ urban core, protecting environmental justice populations, providing affordable housing including senior living, a public gathering place downtown, a community education center, parking for a recycling center, and stormwater retention. Springfield has awarded two cleanup loans and five cleanup sub-grants from past funding, impacting environmental justice areas, transforming a rail yard back to its original wetland state, thus providing much needed storm water retention for flood control.
EPA’s Brownfields Program targets abandoned and contaminated sites in the United States to encourage redevelopment, and to provide the opportunity for productive community use of contaminated properties.
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