Brownfields Revolving Loan Fund
The Brownfields Revolving Loan Fund facilitates public and private sector cleanup and redevelopment of commercial or industrial brownfield properties that are idled, underutilized or abandoned as a result of contamination (real or perceived).
The objectives of the loan fund are to:
Support self-sustaining efforts by local government and private owners by offering low-interest loans for site cleanup.
Leverage funds by linking loan recipients with assistance offered through related brownfields programs
Strengthen collaboration between various stakeholders
Create sustainable jobs through new or expanded businesses
Increase tax base to local areas.
Loan eligibility is based on the site situation, the urgency of the project, the threat of the contamination and the timeframe in which a cleanup can be done. The cleanup must be approved through the Department of Ecology’s Voluntary Cleanup Program .
Some factors that determine eligibility include:
- The applicant did not cause or contribute to the site’s contamination
- A site reuse of redevelopment plan with near-term economic viability
- The project will result in job creation and retention
- The project will improve existing environmental conditions.
Applicant's credit worthiness, the social and economic benefits of the redevelopment, including an evaluation of the property's marketability and land value, visability, neighborhood conditions and physical infrastructure are all considered as part of the loan evaluation.
A Brownfields Redevelopment Loan may be used for prevention, abatement or removal of hazardous substances or contaminants that threaten public safety, drinking water or sensitive ecosystems.
The Brownfields Coalition is a partnership of the Departments of Commerce and Ecology, the cities of Tacoma and Spokane, and King County. The partnership works together to make it easer for local governments, property owners and developers to return brownfields to a useful purpose by helping with the logistics and funding.
- Makes low-interest loans to eligible local governments, developers and property owners to clean up brownfields.
- Links loan recipients with other brownfields programs for help with assessments and more.
- Streamlines the process of clean up and redevelopment by collaborating with federal, state and local agencies.
Commerce: Bill Mandeville email@example.com or 360.725.3051
Ecology: John Means firstname.lastname@example.org or 360.407.7188
City of Tacoma: Ellen Walkowiak Ellen.email@example.com or 253.591.5209
City of Spokane: Scott Chesney firstname.lastname@example.org or 509.625.6013