MassDevelopment.com: Press Room: MassDevelopment Seeks Municipal Applicants for New Brownfields Redevelopment Program

MassDevelopment Seeks Municipal Applicants for New Brownfields Redevelopment Program
Selected Sites May Benefit From Priority Project Status, Up To $2 Million in Low-Cost Financing
August 21, 2006

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment today announced the creation of a new Priority Project Program under the recapitalized Brownfields Redevelopment Fund. MassDevelopment has allocated $10MM of the $30MM in funding recently authorized by the state legislature to support the environmental remediation of selected high impact sites across the state. MassDevelopment will designate five brownfields sites - one in each region of the state. Sites may be submitted by municipal development agencies or private developers for consideration. Selected applicants will be eligible for up to $2MM in low-interest brownfields remediation funding, $1.5MM more than the $500,000 available under the current program.

"The brownfields redevelopment fund is a proven economic development tool that has leveraged $46 in private investment for every $1 loaned," said Robert L. Culver, MassDevelopment president/CEO. "The Legislature's generous recapitalization allows us to address the requests for brownfields financing currently in our pipeline, while also adding creative programs like this to expedite the development of high priority sites across the Bay State."

This program targets parcels of land in which a developer has already expressed interest, and where reuse would be viable except for the impediment presented by environmental contamination. The strongest applications will be submitted jointly by a municipality in partnership with a private developer. MassDevelopment recently implemented this brownfields redevelopment model in partnership with the Plymouth and Attleboro Redevelopment Authorities at the Revere Copper & Brass and Swank Incorporated sites respectively.

"Since 1999, MassDevelopment issued 426 assessment or remediation awards to support projects in more than 90 communities," said Vivien Li, chairperson of the Brownfields Advisory Group and executive director of The Boston Harbor Association. "These modest investments are supporting the creation of more than 4,850 new housing units and 3,500 new jobs. Despite this success, it's important for us to always rethink our approach and offer new programs to extend the positive impact of this important economic development tool."

Interested municipalities can download a Notice of Funding Availability application on the "what's new" page at www.massdevelopment.com. All applications are due in MassDevelopment's Boston office (160 Federal Street, Floor 7) no later than September 15, 2006 by 5:00pm. All questions regarding this new program or the existing Brownfields Redevelopment Fund should be directed to David Bancroft, SVP community development, at 617-330-2000.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or manages 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.