Often, environmental damages, either real or perceived, are an obstacle to property investment. Funding resources are available to pay for investigation and cleanup of many polluted sites. BCA’s Funding Development Team can create a unique, tailored funding strategy to address contaminated properties. We have successfully procured funding for hundreds of contaminated sites for our clients thorough our industry leading funding development strategies which include the following:
- Insurance Recovery – A property previously considered a potential liability due to environmental conditions may be transformed into an asset. Liability insurance policies often can provide an additional funding source for economic development professionals and private industry clients to investigate and clean up properties, and gives property owners, loaning institutions, and other interested parties the peace of mind that environmental costs are covered.
Most property owners and operators have had general liability insurance coverage at some point during the course of their operation, which often provides for the defense and indemnity for the investigation and clean-up of environmental contamination required by state or federal agencies. Policies may be current or they may also be historical, sometimes dating back to a property’s first development, and still be valid for a claim. BCA has assembled a distinctively experienced team to develop strategies which utilize insurance funding to maximize the benefits available to properties with applicable coverage.
- U.S. EPA Brownfield Grants – U.S. EPA Brownfield Assessment and Clean-up grants are available to provide funding needed to investigate and remediate brownfield sites. Assessment grants provide funding to identify past uses, determine existing contamination, and conduct cleanup and redevelopment planning. Clean-up grants provide funding for a grant recipient to carry out cleanup activities at brownfield sites. These funds may be used to address sites contaminated by petroleum and hazardous substances, pollutants, or contaminants.
- Other Federal Programs – Federal programs such as HUD and USDA often have funding available for the investigation and remediation of contaminated properties. Ask BCA’s Funding Development Team about federal assistance currently available.
- State Programs – States often have an evolving list of grants, low interest loans, incentive programs, and other resources to defray the cost of investigation and remediation of contaminated sites. Ask BCA’s Funding Development Team about state assistance currently available.