United States Environmental Protection Agency Washington, D.C. 20460 Solid Waste and Emergency Response (5101) EPA500-F-99-083 May 1999 www.epa.gov/brownfields/ >>EPA Brownfields Cleanup Revolving Loan Fund Pilot Mystic Valley Development Commission, Massachusetts (Represents Cities of Everett, Maiden, and Medford) 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 The Mystic Valley Development Commission (MVDC) pilot represents the cities of Everett, Maiden, and Medford, Massachusetts. The BCRLF pilot plans to target the TeleCom City Project. The TeleCom City Proj ect is a 207-acre parcel within the cities of Everett, Maiden, and Medford. The area is five miles north of Boston. At least sixty percent of the properties within the area are contaminated. Manufacturing and employment within the TeleCom City Proj ect areahas declined from over 3,600 jobs in 1987 to under 300 today. Outof 351 Massachusetts municipalities, Everett ranked 297th, Maiden ranked 250th, and Medford 191 st in median household income. BCRLF OBJECTIVES The MVDC BCRLF will focus its lending efforts within the TeleCom City Project. Telecom City is a regional development initiative designed through the collaborative efforts of the cities of Everett, Maiden, and Medford, and the Commonwealth of Massachusetts. The goal of the TeleCom City Proj ect is to convert the 207 acres of blighted industrial land into approximately 1.8 million square feet of new office, R&D, and manufacturing space. PILOT SNAPSHOT Mystic Valley Development Commission, Massachusetts (Represents Cities of Everett, Maiden, and Medford) Date of Announcement: May 25,1999 Amount: $500,000 BCRLF Target Area: TeleCom City Project area, a 207-acre parcel within the cities of Everett, Maiden, and Medford Contacts: TeleCom Site Coordinator, Mystic Valley Development Commission (617)381-7711 Region 1 Brownfields Coordinator (617) 918-1209 Visit the EPA Region 1 Brownfields web site at: www.epa.gov/region01/remed/brnfld/ 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/ ------- FUND STRUCTURE AND OPERATIONS The MVDC will serve as lead agency and the Maiden Redevelopment Authority will serve as site manager and fund manager. MVDC anticipates offering cleanup loans at an interest rate of 3 percent. For qualified applicants who demonstrate need, MVDC may fully subsidize the interest rate using funds it expects to receive from the Commonwealth of Massachusetts. The fund is expected to revolve every four years. LEVERAGING To date, local businesses have contributed over $ 140,000 to further the TeleCom City Project. The Commonwealth of Massachusetts has directly contributed over $2 million in support of the project, and is expected to contribute an additional $5 million. MVDC also has obtained a $ 150,000 grantto develop innovative stormwatermanagementtechniques forthe project. Massachusetts has proposedto provide MVDC with $9.5 million to acquire and redevelop properties within the TeleCom City Project Area. The three cities will contribute $3 million to the proj ect and the MVDC also will seek an additional $ 14 million from aprivate developer. Medford Cooperative Bank, Century Bank, and Bank Boston will work with the MVDC to identify private sources of capital that can be leveraged in conjunction with the Fund. 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 Mystic Valley Development Commission, Massachusetts May 1999 EPA 500-F-99-083 ------- |