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/

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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

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