www.in.gov/idfa

Indianapolis Brownfields Forum

April 14, 2005

www.in.gov/idfa

Presentation OverviewPresentation Overview

• A Picture of IDFA

• Approach to Brownfields Redevelopment

• State and Federal Brownfields Funding

• Contact Information

www.in.gov/idfa

A Picture of IDFAA Picture of IDFA

Business Development

Loans

Bond Programs & Volume Cap

Credit Enhancement

Brownfields Redevelopment

Innovative Financing Opportunities For

Indiana

www.in.gov/idfa

• 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 Approach to Brownfields RedevelopmentRedevelopment

www.in.gov/idfa

Indiana’s Brownfields ProgramIndiana’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

www.in.gov/idfa

Financial AssistanceFinancial 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

www.in.gov/idfa

Financial Assistance (cont.)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 http://idfa.bravelo.com

www.in.gov/idfa

Financial Assistance (cont.) Financial Assistance (cont.) • IDFA Low-Interest Loan Incentive (LILI)

– Only political subdivisions eligible (Cities, Towns, & Counties)

– Remediation / Demolition / Assessment activities– Interest rates:

– 2.5% = 1 - 9 year term– 3.0% = 10 - 20 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”

www.in.gov/idfa

Financial Assistance (cont.) 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

www.in.gov/idfa

Financial Assistance (cont.)Financial Assistance (cont.)

• IDFA PRGI (cont.)– Maximum award = $250,000

– Quarterly funding rounds

– Next round deadline is May 1, 2005

– Submit application at http://idfa.bravelo.com

www.in.gov/idfa

Financial Assistance (cont.)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)

www.in.gov/idfa

Financial Assistance (cont.)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 http://idfa.bravelo.com

www.in.gov/idfa

Financial Assistance (cont.)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

www.in.gov/idfa

Financial Assistance (cont.) 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

www.in.gov/idfa

Financial Assistance (cont.) 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

www.in.gov/idfa

Financial Assistance (cont.)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

www.in.gov/idfa

IDFA on the WebIDFA on the Web

• www.idfabrownfields.com– “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

www.in.gov/idfa

Contact InformationContact Information

• Calvin Kelly, Deputy Director – ckelly@idfa.in.gov, 317-233-4332

• Sara Westrick Corbin, Sr. Program Associate– swestrick@idfa.in.gov, 317-233-4332