Environmental Remediation Fund

Posted by Philadelphia Industrial Development Corporation on December 11, 2017

PIDC has funds available from its revolving Environmental Remediation Fund for brownfield remediation. The fund provides low-cost loans to Philadelphia landowners seeking to clean up contamination on their properties. The program seeks sites predominantly located in the Lower Schuylkill area of Philadelphia, however sites located elsewhere in the City will also be considered.

The Environmental Remediation Fund provides low interest loans to support environmental remediation of petroleum contamination, specifically focusing on the Lower Schuylkill area of Philadelphia. The program is designed to help eligible property owners clean up contaminated properties and position them for new, high-quality development. Eligible borrowers must have full site control prior to application, as well as documentation of environmental conditions and a proposed remedial action plan. An approved remedial action plan is preferred.

Funds may be used for petroleum-related environmental remediation work, subject to the terms and conditions of the loan agreement. In projects involving multiple contaminants, Environmental Remediation Fund dollars may be used for the petroleum portion of the cleanup. Loan funds may not be used for Phase I or Phase II reports, construction/demolition not integral to cleanup activities, or the payment of penalties or fines. The assessments cover soil and groundwater contamination. Buildings with asbestos or other contaminants are not eligible at this time. Sites within the Lower Schuylkill have first priority, however other City sites will also be considered.

For more information and to see if your project is eligible please contact us at info@pidcphila.com or 215-496-8020.

http://pidcphilablog.com/low-cost-loans-available-to-clean-up-contaminated-properties/