United States Environmental Protection Agency Washington, D.C. 20460 Solid Waste and Emergency Response (5101) EPA500-F-99-052 May 1999 www.epa.gov/brownfields/ >>EPA Brownfields Cleanup Revolving Loan Fund Pilot Austin, TX 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 Austin, Texas has several properties once utilized by commercial/industrial enterprises and potentially contaminated with hazardous waste. The target area forthe Austin BCRLF lies east of Interstate Highway 35, and has apoverty rate of 30 percent, almost twice Austin's overall rate. While 16 percent of the City's total population live in east central Austin, 46 percent ofthe total African-American population and 29 percent of the total Hispanic population resides there. Census projections indicate that the population of Austin increased 23 percent in the last seven years. Much of this growth has taken plan in the northern and southern sectors ofthe City. Commercial expansion; however, has been minimal in the east Austin area and redevelopment has avoided existing brownfields sites. Austin is a Brownfields Assessment Pilot. BCRLF OBJECTIVES The Austin BCRLF will fill in funding gaps and further the City's goal of providing tools and incentives which encourage private investment in brownfields redevelopment. Two majortypes of borrowers will be sought: developers willing to invest venture capital but with limited funds for cleanup, and small or minority business developers or owners who needmore guidance PILOT SNAPSHOT Austin, Texas Contacts: Director, Solid Waste Services (512) 499-2250 Date of Announcement: May 25,1999 Amount: $500,000 BCRLF Target Area: Area east of Interstate Highway 35 in the City of Austin Region 6 Brownfields Coordinator (214) 665-6736 Visit the EPA Region 6 Brownfields web site at: www.epa.gov/region6/6sf/bfpages/sfbfhome.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/ ------- or assistance. Initially, the BCRLF willtargetthree sites in East Austin for cleanup and redevelopment. The three identified sites include the Brinkley-Andersen site which will be redeveloped into youth soccer fields, the Grove site where a running track and training facilities will be established, and the Turner site which will be cleaned up and redeveloped into a mixed-use project. FUND STRUCTURE AND OPERATIONS The City of Austin will serve as the lead agency and the City's Solid Waste Services and Public Works Departments will fulfill the duties of site manager. The City will use its Brownfields Program Manager as the fund manager for the B CRLF. The maximum loan size is expected to be $ 100,000, and will be used as start- up funds for large site remediation efforts. Borrowers will be required to purchase cleanup cost cap or third- party liability protection environmental insurance. LEVERAGING The City of Austin will provide staff resources as an in-kind contribution. Lending institutions, non-profit development corporations, and the Small Business Administration will work with the BCRLF to provide complementary real estate, minority training, and business start-up loans. Potential sources of other funds include the Neighborhood Housing and Community Development Office, the Planning Environmental and Conservation Services Department, the Infill/Redevelopment Ordinance Amendment, Texas' tax incentive program, Austin's Remediation Fund, and Community Development Block Grants. 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 Austin, Texas May 1999 EPA 500-F-99-052 ------- |