United States
                  Environmental
                  Protection Agency
                  Washington, D.C. 20460
Solid Waste
and Emergency
Response  (5101)
EPA500-F-99-096
May 1999
www.epa.gov/brownfields/
 >>EPA   Brownfields Cleanup
                  Revolving  Loan  Fund  Pilot
                                                                  Yonkers, NY
 Outreach and Special Projects Staff (5101)
                     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 $200,000 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, cleanup revolving loan fund programs (each funded up to $500,000 over five years) to capitalize loan funds
to make loans forthe 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

Over the past 30 years, the City of Yonkers has
witnessed a rapid decline in its manufacturing base.
The most affected parts of the City are located in the
southwest section. This areais characterized by higher
unemployment and poverty rates than the City as a
whole. It includes the Nepperhan Valley, the Downtown
area, and the Hudson River Waterfront. The Yonkers
BCRLF will focus on these southwest communities,
although it  will be available to  cleanup  and
redevelopment projects throughout the city.

BCRLF OBJECTIVES

The City ofYonkers aims to use its BCRLF to facilitate
the cleanup and redevelopment of industrial properties.
Most of the targeted sites have a high potential for
redevelopment due to excellent rail, water, and road
transportation access. The overall goals of the BCRLF
are to:

• Assess, cleanup, andreturnthe city'sbrownfieldsto
  productive uses, i.e., to create jobs, contribute to the
  tax base, and reclaim public enjoyment of natural
  resources:
 PILOT SNAPSHOT
  Yonkers, New York
Date of Announcement:
May 25,1999

Amount: $500,000

BCRLF Target Area:
The City of Yonkers, focusing
on the city's southwestern
areas (the Nepperhan Valley,
the Downtown area, and the
Hudson River Waterfront)
 Contacts:
 Office of Economic Development
 (914) 377-6797
   Region 2 Brownfields
   Coordinator
   (212) 637-4314
      Visit the EPA Region 2 Brownfields web site at:
 www.epa.gov/region02/superfnd/browfld/bfmainpg.htm

   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:
          http://www.epa.gov/brownfields/

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• Protect rivers and other natural resources from
  further environmental degradation;

• Leverage public and private funds to create j obs and
  economic growth;

• Involve community groups and organizations in the
  decision making process; and

• Improve the quality of life in environmental justice
  neighborhoods near the brownfields.

FUND STRUCTURE AND OPERATIONS

The City's  Office of Economic Development will
serve  as the lead agency.  The City is currently
negotiating with apotential site manager. The City will
either serve  as the fund manager itself or seek the
services of athird party through proper procurement
procedures.  Interest rates are expected to be at 7
percent, with loan amounts ranging from $50,000 to
$100,000. No principal repayments will be required
during the cleanup period and  a maximum  5 year
amortization period will be utilized thereafter. The
City' s plans to target its lending efforts to its southwest
sections.

LEVERAGING

Properties in the Nepperhan and Downtown Waterfront
areas are eligible for property tax abatements and are
entitled to wage tax credits, investmenttax credits, and
New York State sales tax refunds on building materials
under the State's Economic  Development Zone
Program. The City will use funding under the State's
Environmental Bond Act, which provides 75 percent
reimbursement for cleanup  costs, at adjacent
municipally-owned properties. The City will encourage
private investment in brownfields cleanup by educating
landowners and developers on the Brownfields Tax
Incentive and will make local banks aware of provisions
contained within the City of Yonker's Community
Reinvestment Act. The City will provide in-kind services
in the form of fund tracking, monitoring, accounting,
auditing,  legal  services,  community outreach
coordination, and public promotion.


Use ofBCRLF Pilot funds must be in accordance with
CERCLA, and all CERCLA restrictions on use of funding
also apply to BCRLFfunds.
 Brownfields Cleanup Revolving Loan Fund Pilot                                         Yonkers, New York
 May 1999                                                                      EPA  500-F-99-096

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