Environmental Law

Bucks County RDA Needs Takers for Revolving Loan Fund Money

By M. Joel Bolstein

I was speaking with the Executive Director of the Bucks County Redevelopment Authority, Bob White, who told me that they need to get the word out on some EPA Revolving Loan Fund money that is available to pay for remediation of contaminated properties.  The BCRDA has two separate EPA Revolving Loan Funds, each with a million dollars.  One is available for sites with contamination of any kind and the other is targeted at petroleum contaminated properties.  The loan money is available at 2% and the repayment term can be up to 15 years.  Anyone interested can contact me or Bob White at the BCRDA at (215) 781-8711.  It's hard for me to understand why there are so few takers for the revolving loan fund money.  It's possible that the economy has caused some to exit the brownfield redevelopment market.  It's also possible that people would rather get grant money (i.e., free money) than they would low interest loans.  Regardless, anyone looking to redevelop brownfield property in Bucks County would be wise to contact the BCRDA to talk about the availability of Revolving Loan Fund money, as well as the other funding tools they have available.   Bob White is an expert in the area of brownfield redevelopment who was called, along with me, to testify before a PA Senate committee on the success of the Pennsylvania's brownfield program.    The BCRDA has successfully redeveloped a number of high profile brownfield properties, including the Riverfront North/former Dial Soap Site in Bristol Borough, which is now the worldwide headquarters of the Lennox company as well as an age-restricted retirement community.    

Full post as published by PA Brownfields Environmental Law on September 18, 2009 (boomark / email).