How many brownfields are in Chicago?
How many brownfields are in Chicago?
1,000 brownfield sites
There are more than 1,000 brownfield sites in Chicago, many of which are located in or near communities with high rates of unemployment, poverty, and crime. The sites, ranging in size from a tenth of an acre to 50 acres, are causing millions of dollars in lost annual tax revenues.
How can Brownfields be redeveloped?
Brownfields can be redeveloped by private developers, local governments or through public-private partnerships. Opportunity and risk are inherent in every real estate transaction. Developers must invest their resources to evaluate whether the development opportunity outweighs the risk.
What is the Illinois Brownfields Redevelopment loan program?
The Illinois Brownfields Redevelopment Loan Program offers low interest loans to support efforts by local governments and private parties to clean up brownfields sites that have already been assessed for contamination. These cleanups take place under the Illinois EPA’s voluntary Site Remediation Program.
What does the Brownfields Program do for communities?
Brownfields. EPA’s Brownfields Program provides grants and technical assistance to communities, states, tribes and others to assess, safely clean up and sustainably reuse contaminated properties. To learn about EPA’s broader efforts to put previously contaminated properties back into productive use, read about our Land Revitalization Program.
What is a brownfield property?
What is a Brownfield? Brownfields are abandoned or under-used industrial and commercial properties with actual or perceived contamination and an active potential or redevelopment.
What is the maximum loan amount for a brownfield site?
The loans will pay for limited investigation, remediation, and demolition costs at brownfields sites. The maximum loan amount for any single loan application is $500,000. The OBA administers the loan program, which includes soliciting loan applications and managing funds.
