Unci & Community Revit^lization BROWN FIELDS SUCCESS IN NEW ENGLAND RAILROAD SQUARE KEENE NEW HAMPSHIRE Address: Size: Former Use: Contaminants: Current Use: Owner: Railroad Street Keene, NH 03431 9. 3 acres Railroad right-of-way & switchyard Lead, petroleum, arsenic, polynuclear aromatic hydrocarbons (PAHs), trichloroethylene (TCE) Mixed-use commercial and residential Railroad Land Development, LLC (MEDC) City of Keene; Monadnock Economic Development Corporation ; Southwest Region Planning Commission (SWRPC); Southwestern Community Services, Inc.; New Hampshire Department of Environmental Services (NH DES) Motivation for Redevelopment: Redevelopment of abandoned and underutilized industrial properties in downtown Keene has been the cornerstone for this New Hampshire city's current 'Smart Growth Initiative.' The property's proximity to Keene's central business district and connection to residential neighborhoods makes it a desirable location for redevelopment. Property History: Between 1853 and the late 1880s, Cheshire Railroad owned this land now known as Railroad Street. Boston & Maine Railroad Company (B & M) subsequently bought the properly and operated an active railroad right-of-way and switchyard, complete with railroad tracks, freight yards, and loading docks, until 1983. A portion of the property had also been used for loading and/or unloading petroleum products for the abutting property owner. Since purchasing the property in 1988, the City of Keene attempted to facilitate redevelopment with little success. During this time, the City did, however, conduct environmental assessments which were funded by the Southwest Regional Planning Commission's EPA Assessment Grant. Testing found that the soil was composed mostly of PAH - impacted urban fill and petroleum and TCE-impacted soil and groundwater that needed to be contained or disposed of offsite. Project Results: In 1997, the City organized this property as a Tax Increment Financing District (TIF) to encourage investment and to provide a source of revenue for utility upgrades. After buying the property in 2006, Monadnock Economic Development Corporation (MEDC) utilized New Hampshire Department of Environmental Services's EPA Revolving Loan Fund for cleanup work. MEDC then sold a one-acre parcel to Marriott Courtyard Hotel for a 100+ room LEED-silver hotel. As a way to circumvent traditional subdivision regulations, the remaining eight acres is managed "condominium-style." A diverse range of uses makes up Phase I of construction, including the MEDC headquarters, a 24-unit service-enriched senior housing development, medical facilities, a fiber optics company, eight market-rate condominium units, a fine dining restaurant, a commercial food preparation facility, and office space for Southwest Community Services (SCS) that supports four Head Start classrooms. Combined with initial infrastructure EPA Brownfields Cleanup Revolving Loan Fund (from NHDES): $300,000 EPA Brownfields Assessment Grant (from SWRPC): $42,970 HUD Community Development Block Grants (CDBG) (4): $2,000,000 USDA Community Facilities Loan (2): $6,700,000 US Dept. of Health and Human Services: $200,000 American Recovery and Reinvestment Act (ARRA) grants (multiple): $1,000,000 State of NH Business Tax Credit Equity: $635,000 NH Business Finance Authority: $825,000 Northern New England Housing Investment Fund (NNEHIF): $9,000,000 NH Housing Finance Authority: $500,000 Monadnock Food Co-op Fundraising: $1,000,000 City of Keene Sewer Reinvestment: $350,000 Private loans (various): $16,412,000 City of Keene (TIF): $2,000,000 Currently supports an estimated 125 jobs; hopes to generate between 200 and 250 upon Phase III completion. Supports the first installation of pervious asphalt in New Hampshire, effectively reducing surface runoff. improvements, this portion of construction added $31.8 million in taxable value to the City. Phase II will include a cooperative food market (20,000 sf) and additional infrastructure, which will total $10. 9 million. The three remaining lots will be developed during Phase III, which is projected to cost $18.5 million. The development also retains an important section of the City's east- west commuter bikeway. This connection contributes to the City's effort toward an integrated alternative transportation network. For further site work. Capital Region Development Council (CROC) committed to fund a $300,000 combined loan and sub grant out of their 2011 EPA Revolving Loan Fund to address PAH-impacted soils. Today, Railroad Square is essential to efficient downtown living in Keene. Already, TIF revenue lias been used in adjacent roadway improvements and a nearby new parking garage. In ways socially, environmentally, and economically. Railroad Square is emblematic of how walk-ability and low impact design principles can enrich small cities. TIMELINE 1988 City acquires property 1997 Property becomes a TIF District Sept. 2005 Phase J ESA completed May 2006 Phase II ESA completed Aug. 2006 MEDC acquires property July 2007 Groundbreaking Jan. 2009 Cleanup completed Sum. 2011 Phase I construction complete Fall 2013 Phase II construction complete (projected) Fall 2014 Phase III construction complete (projected) July 2012 Local Contact: Michael McCluskey, New Hampshire DES • (603)271-2183 • michael.mccluskey@des.nh.gov ------- |