Brownfields: Redeveloping Environmentally Distressed by Harold J. Rafson, Robert N. Rafson

By Harold J. Rafson, Robert N. Rafson

The main sensible, updated consultant for turning Brownfields into Greenfields This ready-to-use, how-to manual--edited by way of energetic builders who've acquired, remediated, and bought brownfields--gives you a commanding examine one among brand new major environmental concerns. choked with the newest hands-on instruments, Harold and Robert Rafson's step by step booklet simplifies the duty of elimination the limitations to redevelopment that plague environmentally distressed homes. Brownfields is going past the felony and technical matters that preoccupy different present books, to target the entire severe points of placing jointly a profitable brownfields project--mortgages, advertising, and extra. entire with case reports drawn from the authors' personal event, this advisor is needed analyzing not only for proprietors or builders, yet for each stakeholder--from environmental regulators, to bankers, realtors and people searching for products/services.

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When a city can show that previously awarded CDBG funds will not be needed in the near term, it may tap its block grant account on an interim basis—using what HUD calls a CDBG float—to finance short-term, lowinterest construction financing for projects that create jobs. Any developer, not-for-profit agency, or private company that can obtain an irrevocable letter of credit from a lender is eligible to apply for such financing. ) Proceeds may be used to pay all costs for the purchase of land and buildings and for site and structural rehabilitation—including environmental remediation—or new construction.

In many cities and towns, this may mean supporting several smaller sites in a declining area rather than the one big abandoned plant that has come to signify “brownfields” to the community. Momentum for brownfields cleanup and reuse—and justification for public sector involvement in it—can be created and maintained with visible successes, even at small sites. Moreover, smaller brownfields projects are more manageable and often more significant in terms of real benefits than a single large, more contaminated site.

Under Section 108, localities issue debentures to cover the cost of such projects, pledging their annual CDBG grants as collateral. The debentures are underwritten and sold though public offering by a consortium of private investment banking firms assembled by HUD, which guarantees each obligation to ensure a favorable interest rate. Local governments can use their annual CDBG allocations to pay off these obligations, although most use income generated from the development project for some or all of the payments.

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