In 2015, the City was awarded an $820,000 EPA Revolving Loan Fund Grant to provide low-interest loans and subgrants as a means to incentivize redevelopment. The DDA administers the program on behalf of the City. Eligible loan applicants include any private sector entity who is exempt from CERCLA liability. In other words, any private-sector entity who is not responsible for the subject property's contamination. Grants can only be issued to non-profits.
Ineligible borrowers include property owners when the property meets the following conditions:
- The property is listed, or proposed for listing, on the National Priorities List.
- Properties at which a removal action must be taken within six months (i.e., time critical removal action).
- Where a Federal or state agency is planning or conducting a response or enforcement action.
Eligible project costs include:
- Actions associated with removing, mitigating, or preventing the release or threat of a release of a hazardous substance, pollutant, or contaminant (as appropriate to different site situations).
- Site monitoring activities, including sampling and analysis that are reasonable and necessary during the cleanup process, including determination of the effectiveness of a cleanup.
- Costs associated with meeting public participation, worker health and safety, and inter-agency coordination requirements.
- Costs associated with removal activities, including demolition and/or site preparation that are part of site cleanup.
- Environmental insurance premiums.