Oregon lands $300,000 for brownfield work
By Andy Giegerich
Sustainable Business Oregon editor
Brownfield redevelopment has generated nearly $18 for every dollar invested into it by the EPA, according to the agency.
Brownfield developers in Oregon and Washington could land chunks of money to help clean their ecologically challenged acreage.
The U.S. Environmental Protection Agency has released $800,000 in supplemental funding to help clean up contaminated brownfield properties in the two states. The money will come in the form of a revolving loan fund to help communities launch cleanup and redevelopment projects.
Oregon’s Business Development Department landed $300,000 of the money to make low interest loans or subgrants. Some of the money will go to developers of a Baker City site that formerly housed a machine shop.
The rest of the money goes to the Washington Commerce Department for low interest loans that’ll back senior housing developments in the Rainier Valley.
Revolving loan funds supply funding for grant recipients such as the Oregon and Washington state business departments to provide loans and sub-grants for clean-up work. When the loans are repaid, the loan amount then returns to the fund and is re-loaned to other borrowers. If the system works, it provides an ongoing source of capital for other site clean-ups.
The U.S. has an estimated 450,000 abandoned and contaminated sites. The EPA Brownfields program aims to encourage “the opportunity for productive community use of contaminated properties.” The agency’s program has spurred more than $20 billion in private and public spending, or about $17.79 for every dollar spent on brownfield redevelopment.
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