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Master's Professional Reports Abstract

Structuring Revolving Loan Funds for Brownfields Redevelopment

An estimated 450,000 industrial sites lie abandoned or idled in the United States. Many of these properties, known as brownfields, are contaminated or are perceived to be contaminated with hazardous materials. A major impediment to cleanup and reuse of these properties is lack of available funding. The 105th U.S. Congress is debating proposed Superfund reauthorization bills that include the creation of revolving loan funds (RLFs) for use in brownfields cleanup and redevelopment. In addition, the U.S. Environmental Protection Agency is currently funding pilot projects to test the use of RLFs for this purpose. This report examines the structuring and administration of revolving loan funds as financial tools for brownfields development. It begins with a background of the brownfields problem and reviews financial options and strategies for redevelopment funding. Several revolving loan programs are then examined and analyzed. The report concludes with recommendations and suggested strategies for structuring a revolving loan fund for the cleanup and reuse of brownfields.

--Author's foreword.