Brownfields 1999 Revolving Loan Fund Pilot Fact Sheet Everett, Malden, and Medford, Massachusetts


/r^. Brownfields 1999 Revolving Loan Fund Pilot
{^} Fact Sheet
%(Plto^ Everett, Maiden, and Medford, Massachusetts
EPA Brownfields Initiative
EPA's Brownfields Program empowers states,
communities, and other stakeholders to work together to
prevent, assess, safely clean up, and sustainably reuse
brownfields. A brownfield site is real property, the
expansion, redevelopment, or reuse of which may be
complicated by the presence or potential presence of a
hazardous substance, pollutant, or contaminant. On
January 11, 2002, President George W. Bush signed into
law the Small Business Liability Relief and Brownfields
Revitalization Act. Under the Brownfields Law, EPA
provides financial assistance to eligible applicants
through four competitive grant programs: assessment
grants, revolving loan fund grants, cleanup grants, and
job training grants. Additionally, funding support is
provided to state and tribal response programs through a
separate mechanism.
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
Project 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 Project area has declined from
over 3,600 jobs in 1987 to under 300 today. Out of 351
Massachusetts municipalities, Everett ranked 297th,
Maiden ranked 250th, and Medford 191st in median
household income.
Pilot Snapshot
Date of Announcement: 05/25/1999
Amount: $500,000
Profile: TeleCom City Project area, a 207-acre
parcel within the cities of Everett, Maiden, and
Medford
Contacts
For further information, including specific grant
contacts, additional grant information, brownfields
news and events, and publications and links, visit the
EPA Brownfields Web site
(http ://www .epa.gov/brownfields).
EPA Region 1 Brownfields Team
(617)918-1424
EPA Region 1 Brownfields Web site
(http://www.epa.gov/regionl/brownfields)
Grant Recipient: Mystic Valley Development
Commission,MA
(617) 381-7711
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 Project 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.
Activities
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
United States	c
Environmental	anri Fmpflpn™	EPA 500-F-99-083
nil- a	ancl Emergency	..
Protection Agency	Response (5105T)	MaV99
Washington, DC 20450	^ v '

-------
receive from the Commonwealth of Massachusetts. The
fund is expected to revolve every four years.
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 grant to develop
innovative stormwater management techniques for the
project. Massachusetts has proposed to 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 project and the MVDC
also will seek an additional $14 million from a private
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 of BCRLF Pilot funds
must be in accordance with CERCLA, and all CERCLA
restrictions on use of funding also apply to BCRLF
funds.
The information presented in this fact sheet comes from
the grant proposal; EPA cannot attest to the accuracy of
this information. The cooperative agreement for the
grant has not yet been negotiated. Therefore, activities
described in this fact sheet are subject to change.
United States
Environmental
Protection Agency
Washington, DC 20450
and Emergency
Response (5105T)
Solid Waste
EPA 500-F-99-083
May 99

-------

Brownfields 1999 Revolving Loan Fund Pilot
I | Fact Sheet
Mystic Valley Development Commission, Massachusetts (Represents
Cities of Everett, Maiden, and Medford)

EPA Brownfields Initiative
EPA's Brownfields Program empowers states,
communities, and other stakeholders to work together to
prevent, assess, safely clean up, and sustainably reuse
brownfields. A brownfield site is real property, the
expansion, redevelopment, or reuse of which may be
complicated by the presence or potential presence of a
hazardous substance, pollutant, or contaminant. On
January 11, 2002, President George W. Bush signed into
law the Small Business Liability Relief and Brownfields
Revitalization Act. Under the Brownfields Law, EPA
provides financial assistance to eligible applicants
through four competitive grant programs: assessment
grants, revolving loan fund grants, cleanup grants, and
job training grants. Additionally, funding support is
provided to state and tribal response programs through a
separate mechanism.
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
Project 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 Project area has declined from
over 3,600 jobs in 1987 to under 300 today. Out of 351
Massachusetts municipalities, Everett ranked 297th,
Maiden ranked 250th, and Medford 191st in median
household income.
Pilot Snapshot
Date of Announcement: 05/25/1999
Amount: $500,000
Profile: TeleCom City Project area, a 207-acre
parcel within the cities of Everett, Maiden, and
Medford
Contacts
For further information, including specific grant
contacts, additional grant information, brownfields
news and events, and publications and links, visit the
EPA Brownfields Web site
(http ://www .epa.gov/brownfields).
EPA Region 1 Brownfields Team
(617)918-1424
EPA Region 1 Brownfields Web site
(http://www.epa.gov/regionl/brownfields)
Grant Recipient: Mystic Valley Development
Commission,MA
(617) 381-7711
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 Project 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.
Activities
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
United States	c
Environmental	anri Fmpflpn™	EPA 500-F-99-083
nil- a	ancl Emergency	..
Protection Agency	Response (5105T)	MaV99
Washington, DC 20450	^ v '

-------
subsidize the interest rate using funds it expects to
receive from the Commonwealth of Massachusetts. The
fund is expected to revolve every four years.
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 grant to develop
innovative stormwater management techniques for the
project. Massachusetts has proposed to 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 project and the MVDC
also will seek an additional $14 million from a private
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 of BCRLF Pilot funds
must be in accordance with CERCLA, and all CERCLA
restrictions on use of funding also apply to BCRLF
funds.
The information presented in this fact sheet comes from
the grant proposal; EPA cannot attest to the accuracy of
this information. The cooperative agreement for the
grant has not yet been negotiated. Therefore, activities
described in this fact sheet are subject to change.
United States
Environmental
Protection Agency
Washington, DC 20450
and Emergency
Response (5105T)
Solid Waste
EPA 500-F-99-083
May 99

-------