United States Environmental Protection Agency Washington, D.C. 20460 Solid Waste and Emergency Response (5105) EPA500-F-01-253 April 2001 www.epa.gov/brownfields/ <>EPA Brownfields Cleanup Revolving Loan Fund Pilot Waterloo, IA Outreach and Special Projects Staff (5105) Quick Reference Fact Sheet EPA's Brownfields Economic Redevelopment Initiative is designed to empower states, communities, and other stakeholders in economic redevelopment to work together in a timely manner to prevent, assess, safely clean up, and sustainably reuse brownfields. A brownfield is a site, or portion thereof, that has actual or perceived contamination and an active potential for redevelopment or reuse. EPA is funding: assessment demonstration pilot programs (each funded up to $250,000 over two years), to assess brownfields sites and to test cleanup and redevelopment models; job training pilot programs (each funded up to $200,000 over two years), to provide training for residents of communities affected by brownfields to facilitate cleanup of brownfields sites and prepare trainees for future employment in the environmental field; and, brownfields cleanup revolving loan fund (BCRLF) programs (each funded up to $1,000,000 over five years), to provide financial assistance for the environmental cleanup of brownfields. These pilot programs are intended to provide EPA, states, tribes, municipalities, and communities with useful information and strategies as they continue to seek new methods to promote a unified approach to site assessment, environmental cleanup, and redevelopment. BACKGROUND The City of Waterloo was once known as the "Factory City of Iowa." Covering approximately 62 square miles of Black Hawk County, the City's economy was tied to the region's agriculture industry. Many of Waterloo's businesses failed in the 1980s, as a result of the agricultural crisis, rising labor costs, and the city's outdated facilities. Many residents left the city (nearly 1,000 have left each year since 1980), and many properties were left vacant or abandoned. Waterloo's economy has become increasingly diversified, and a number of large companies have made substantial investments in the city. However, many of the residential, commercial, and industrial buildings in Waterloo still bear the scars of the economic decline. The Rath Neighborhood Area, a 350-acre tract located immediately south of the Central Business District, is particularly derelict and has been targeted for environmental cleanup and redevelopment. This area is home to many of Waterloo's low-income families and is a state-designated Enterprise Zone. Fifteen percent of residents in this area are unemployed, and almost a third of the households receives some form of public assistance. The average per-capita income in this area is only $5,800. PILOT SNAPSHOT Waterloo, IA Date of Announcement: April 2001 Amount: $1.0 million BCRLF Target Area: Brownfields throughout Waterloo, with a particular focus on the Rath Neighborhood Area Contacts: City of Waterloo Planning and Development (310)-603-0220 Region 7 Brownfields Coordinator (913)551-7593 Visit the EPA Region 7 Brownfields web site at: www.epa.gov/region07/brownfields/ For further information, including specific Pilot contacts, additional Pilot information, brownfields news and events, and publications and links, visit the EPA Brownfields web site at: www.epa.gov/brownfields ------- BCRLF OBJECTIVES Waterloo's BCRLF program will provide a needed source of funds for environmental cleanup. By cleaning up and redeveloping brownfields, Waterloo hopes to foster economic revitalization and sustainability, remove environmental contamination, preserve neighborhood identity, and encourage community and stakeholder participation. By integrating the BCRLF program with other assistance programs, the City will possess the necessary tools to encourage cleanup and redevelopment of environmentally impaired properties. The City anticipates that most of the potential borrowers will be located in the Rath Neighborhood Area. The BCRLF program will help to bring this area back into safe and productive use. FUND STRUCTURE AND OPERATIONS The City of Waterloo will be the lead agency. The U.S. Army Corps of Engineers will be the site manager. Waterloo's Community Development Department will act as the fund manager. LEVERAGING OTHER RESOURCES Waterloo is committed to finding public and private resources that can complement the BCRLF. To date, the City has secured $691,750 for brownfields- related activities in the Rath Neighborhood Area. In addition, Iowa Enterprise Zone and Tax Increment Financing incentives are available to Rath Neighborhood businesses. At the federal level, the U.S. Environmental Protection Agency, Department of Housing and Urban Development, and the U.S. Army Corps of Engineers have and will continue to commit funding towards brownfields work in Waterloo. The City will contribute its services to the BCRLF as necessary. Use of BCRLF Pilot funds must be in accordance with CERCLA, and all CERCLA restrictions on use of funding also apply to BCRLF funds. Brownfields Cleanup Revolving Loan Fund Pilot April 2001 Waterloo, IA EPA 500-F-01-253 ------- |