Indianapolis Brownfields Forum April 14, 2005

Presentation Overview A Picture of IDFA Approach to Brownfields Redevelopment State and Federal Brownfields Funding Contact Information

A Picture of IDFA Business Development Loans Bond Programs & Volume Cap Credit Enhancement Brownfields Redevelopment Innovative Financing Opportunities For Indiana

The Redevelopment Spectrum: Investigate, Remediate, Redevelop –Not always linear; methodical planning –Investigate (SAGI) –Remediate (PRGI; LILI; VRTC) –Redevelop (“traditional” incentives) Financial and Technical Assistance “Pipeline” –Timely and appropriate next step; continuum of help Understand Local Commitment, Enable Local Success –Majority of hard work done locally Approach to Brownfields Redevelopment

Indiana’s Brownfields Program Two Primary Agencies – IDFA and IDEM –IDFA – Grant and Loan Funding, Statewide Outreach, Task Force Participation –IDEM – Technical Assistance, Statewide Outreach, Interagency Brownfields Task Force Coordination, Funding

Financial Assistance IDFA Site Assessment Grant Incentive (SAGI) –Only political subdivisions eligible (Cities, Towns, and Counties); co-applicants OK –Site assessment / investigation only; multiple sites accepted –Funding allocation: 50% = community population <22,000 50% = community population >22,000 –Competitive scoring criteria

Financial Assistance (cont.) IDFA SAGI (cont.) –FOUR grant rounds per year = $1,000,000 total Phase I or Phase II funding ($250,000 cumulative available per round) –Maximum award per round= $50,000 –Next round deadline is May 1, 2005 –Submit application at

Financial Assistance (cont.) IDFA Low-Interest Loan Incentive (LILI) –Only political subdivisions eligible (Cities, Towns, & Counties) –Remediation / Demolition / Assessment activities –Interest rates: –2.5% = year term –3.0% = year term –Applications accepted on monthly basis; deadline = 3rd Friday of month –Max loan award = up to 10% of Fund per applicant –“Third Party Model”

Financial Assistance (cont.) IDFA Petroleum Remediation Grant Incentive (PRGI) –“For the remediation of petroleum contamination” at brownfield sites –First grant cleanup funding (for petroleum contamination) available from Program to municipalities and counties –Co-Applicants have indirect access to grant funds –Initial environmental due diligence must have been completed prior to application submittal –Competitive scoring criteria similar to SAGI

Financial Assistance (cont.) IDFA PRGI (cont.) –Maximum award = $250,000 –Quarterly funding rounds –Next round deadline is May 1, 2005 –Submit application at

Financial Assistance (cont.) IDFA Voluntary Remediation Tax Credit (VRTC) –Available to taxpayers who perform voluntary remediation activities at brownfield sites –Remediation does not have to be conducted under IDEM’s Voluntary Remediation Program (VRP) –Maximum is lesser of: $100,000 10% of qualified investment (cost of remediation activities)

Financial Assistance (cont.) IDFA VRTC (cont.) –$1m annually will be available from the Brownfields Program for the VRTC –8 Easy Steps to obtain the VRTC –No application deadline; applications accepted on a rolling basis –Submit application at

Financial Assistance (cont.) IDFA Federal Grant Matching Incentive (FGMI) –Available to Indiana governments that apply for federal brownfields funding –Applicants can use the FGMI as their required match to the federal grant –No application process; does require Letter of Intent (LOI) –$2m available through 2005

Financial Assistance (cont.) IDFA Awards & Commitments To Date: – Approximately $14.03m in grants and loans – 190 grants for site assessments to 107 communities – 15 grants for petroleum remediation activities to 14 communities – Site Assessment Grants = $4.6m – Petroleum Remediation Grants = $1.1m – Loans = $8.3m – Max/Min Loans = $1.3mm to $50,000; 1 to 20-year terms

Financial Assistance (cont.) Federal Loan Funding - BCRLF –IDEM = administrator, IDFA = fund manager –Up to $1m for eligible removal activities –These monies are available to any eligible public and private sector applicants interested in redeveloping a brownfield site –City of South Bend was the first loan recipient for its Fredrickson Park landfill site

Financial Assistance (cont.) “Small Business Liability Relief and Brownfields Revitalization Act” –Signed into law January 11, 2002 –Expanded new federal brownfields definition to: “real property, the expansion, redevelopment, or reuse of which may be complicated by the presence of potential presence of a hazardous substance, pollutant, or contaminant…” –Authorizes up to $250mm a year for 5 years to be spent on brownfields assessment and cleanup –Eliminates the prohibition on spending federal money to remediate petroleum-contaminated sites –Authorizes the EPA to establish standards for prospective purchasers

IDFA on the Web –“One-stop” resource for all of IDFA’s brownfields funding incentives –PRGI/SAGI/VRTC/LILI applications are Internet- based –FAQ’s about brownfields, Incentive guidelines –Interactive Map feature with funding distribution and project descriptions by county –In-depth case studies

Contact Information Calvin Kelly, Deputy Director Sara Westrick Corbin, Sr. Program Associate