FY 2003 Brownfields Economic Development Initiative (BEDI) Awards

Information by State  Print version

The City of Anchorage will receive $2 million of BEDI funds and $5 million in Section 108-guaranteed loan funds to assist in the creation of an arts and cultural district in the Mountain View neighborhood. The project will provide for the development of 163,000 square feet of mixed-use commercial and artist live-work space and when complete, will house both for-profit and nonprofit tenants, including the Anchorage Opera, Special Olympics Alaska, and the Alaska Museum of Natural History. The city estimates the creation of 150 jobs as a result of the project. The BEDI grant will be used for debt service on the Section 108 loan. The Section 108 loan will be used for acquisition, rehabilitation and construction costs. Approximately $5 million in other private and public funds have been leveraged for the project. The total project costs are estimated at $26.5 million.

Arizona

The City of Tempe will receive $1,000,000 of BEDI funds and $6,000,000 in Section 108-guaranteed loan proceeds to assist in the redevelopment of a brownfield site on 110-acres of the South County Island redevelopment area. The project is the first phase of an overall development to be called the Tempe Marketplace, and is being carried out by a partnership consisting of Miravista Holdings, LLC, in conjunction with Vestar Development Company, which will develop 957,800 square feet of retail space within a "power center" configuration anchored by six national retailers. This first phase of the Tempe Marketplace is expected to create over 1,000 jobs for the community. The City will use the BEDI grant as a loan loss reserve to cover interest payments on the Section 108 loan in the early years; Section 108 loan proceeds will be used for environmental remediation and insurance costs. The City is also committing $900,000 of its own funds toward the project.

California

The City of El Monte will receive $1.3 million of BEDI funds and $8 million in Section 108 loan guarantee funds to assist in the development of the Santa Fe Trail Plaza retail project. The 44-acre site in downtown El Monte was formerly home to a number of automobile-related businesses and is an area where many old oil wells are located. The city will use the Section 108 funds to acquire the site and for off-site improvements. The BEDI funds will be used to pay the interest on the Section 108 loan in the early years of the development. Several major national retailers have expressed interest in locating in the project. The city estimates that when completed in 2005, the Plaza will create 700 jobs and provide $1.6 million in additional sales tax revenues and result in a $362,000 net increase in property tax revenues. Total project costs are estimated at $152 million.

The City of Los Angeles will receive $750,000 of BEDI funds and $5 million in Section 108 loan guarantee funds to assist in the redevelopment of a brownfields site in the Chinatown section of the city. The project will result in the construction of a 350-space parking garage to support the expansion of the obstetrics unit and the construction of a new skilled nursing facility by the Pacific Alliance Medical Center. The city estimates that the parking and associated expansion of the medical center will allow the hospital to deliver an additional 1,000 infants and to provide a new 129-bed facility for elderly residents of the area. The project is also designed to provide additional parking for customers of nearby Chinatown merchants. The Section 108 loan will finance the construction of the parking garage and the BEDI funds will be used to pay interest on the Section 108 loan. The BEDI and Section 108 funds will leverage $5 million in privately committed funds, with total project costs for the project estimated at $38.24 million.

The City of Montebello will receive $2 million of BEDI funds and $7 million in Section 108-guaranteed loan funds for infrastructure improvements along Whittier and Montebello Boulevards, to support the on-going redevelopment of neighborhood retail and commercial establishments. The city estimates that the larger redevelopment activity, supported by the infrastructure improvements, will create 200 jobs and result in the 125 new housing units, over 20,000 square feet of new restaurant space and nearly 45,000 square feet of new retail space. The BEDI grant will be used for debt service costs of the Section 108 loan. The Section 108 loan will be used for streetscape and other infrastructure improvements. Approximately $8 million in other private and public funds have been committed to the redevelopment project, with total project costs estimated at $75.9 million.

The City of Sacramento will receive $2 million of BEDI funds and $11.1 million Section 108-guaranteed loan funds to clean up and redevelop an eight-acre site into a shopping center in the North Sacramento Redevelopment Area. The project will consist of a supermarket that is 65,000 square feet and 20,000 square feet of additional commercial space. Approximately 170 jobs will be created. The BEDI funds will be used for acquisition, relocation and site preparation costs. The Section 108 funds will also be used for acquisition and site preparation, as well as for public improvements and for the relocation of the Dixieanne Park. Approximately $816,00 of other private and public funds has been leveraged for the project. The total project costs are estimated at $17 million.

The City of San Diego will receive $700,000 of BEDI funds and $5,910,000 in Section 108-Guaranteed Loan funds to assist in the redevelopment of a brownfield site on the Naval Training Center site, a closed and vacant military base. This first phase of the project will enable the city to re-develop 28 acres of the former base into an arts and cultural area. The "Promenade Centre", as it will be called, will create a hub for cultural activities and facilities, including artists' studios and co-ops, art galleries, instructional camps, museums, dining and meeting space. The BEDI grant will be used to pay the interest on the Section 108 Loan in the early years, and the Section 108 Loan proceeds will be granted to the non-profit NTC Foundation for the rehabilitation of four deteriorated historic buildings that will be leased to cultural and community organizations.

The City of Stockton will receive $2 million of BEDI funds and $12.5 million in Section 108 loan guarantee funds to support four components of the city's brownfields revitalization plan. The project will create new commercial and retail development on the north and south shores of the Stockton Channel as well as on the site of a vacant downtown State office building. The development includes a 150-room hotel, a 15,000 square foot convention center, 30,000 square feet of new commercial space and 50,000 square feet of new retail space. A 66,000 square foot supermarket will also anchor the new Asian Pacific Center in the Gleason Park neighborhood. The city estimates that the project will create 650 jobs and attract $95 million of new private sector investment to downtown Stockton and nearby neighborhoods. The Section 108 loan will finance pedestrian bridges connecting the north and south shore development projects; site preparation and improvements to the State office building site; and the acquisition and relocation expenses associated with the Asian Pacific Center. BEDI funds will be used to pay interest on the Section 108 loan. Total project costs are estimated at more than $176 million.

The City of Whittier will receive $750,000 of BEDI funds and $5.5 million in Section 108-guaranteed loan funds to assist in improving a portion of Whittier and Washington Boulevards in support of the new construction and/or expansion of four private businesses that front on the intersection of those two roads. When completed, the revitalization of the West Whittier area will include more than $14 million in public funds in support of over $104 million of private funds committed to these activities, which are estimated to result in 125 new jobs. The BEDI funds will be used to pay interest costs on the Section 108 loan for two and one-half years, and the 108 funds will be used to pay for road improvements.

Massachusetts

The City of Lawrence will receive $2.0 million in BEDI grant funds and $2.9 million in Section 108-Guaranteed Loan funds to assist in the remediation and revitalization of 20-acres located on two former industrial mill sites of the Lawrence Gateway called the Quadrant area. The BEDI funds will be used to pay a portion of the site remediation costs as well as interest on the Section 108 loan, and the 108 funds will be used for remediation, site improvements, construction of a 2.8-acre park and surface parking. The private sector will provide housing and expand the Lawrence General Hospital emergency room. Total project costs are expected to be in excess of $23 million.

Missouri

The City of Springfield will receive $1.2 million of BEDI funds and $8 million in Section 108-guaranteed loan funds to assist in the development of the 300-acre Jordan Valley Park, in the former downtown industrial corridor. The project will provide for the development of 54,000 square feet office space, 27,000 square feet of residential units and 10,000 square feet of restaurant and retail space. The city estimates that project will also create approximately 100 jobs. The BEDI grant will be used for debt service on the Section 108 loan. The Section 108 loan will be used for rehabilitation and construction costs. The total project costs are estimated at $11.1 million.

New Jersey

The City of Perth Amboy will receive $1,374,285 of BEDI funds and $4,810,000 in Section 108-guaranteed loan funds to support a mixed-use development to be built in four phases on a tract known as The Landings at Harborside. The city, through its Redevelopment Authority, will sell a portion of the 18-acre site for the first project phase to the developer, who will construct 80,700 square feet of commercial space and 462 market rate residential units after removing contamination and debris from the site. BEDI grant funds will be used for part of the land acquisition and site cleanup and improvement costs, in conjunction with Section 108 and New Jersey Redevelopment Authority loan and grant funds for part of the acquisition, site improvements and construction costs. Total project costs for the first phase are expected to be more than $128 million, resulting in 283 new jobs.

New York

The City of Geneva will receive $500,000 of BEDI funds and $1 million in Section 108 loan guarantee funds for the Lake and Exchange Street Redevelopment project. The project will totally transform the city's most distressed commercial district and create a physical and visual linkage between the Geneva lakefront and the central business district. A 60-room hotel and a new park along Castle Creek will be developed on a two-block, 8.2- acre site currently comprised of deteriorated buildings. A popular diner will be relocated to make room for the new hotel and a nearby historic and architecturally significant gas station will be redeveloped as a bus station. The city estimates that when completed in 2005, the project will create a minimum of 52 jobs. Approximately $2.3 million of other private and public funds have been leveraged for the project, with total project costs estimated at $8.9 million.

New York City will receive $1,670,000 of BEDI funds and $5 million in Section 108-guaranteed loan funds to assist in the redevelopment of a mixed-use commercial and residential project in the Bronx Melrose Commons Urban Renewal Redevelopment Area. The project, Courtland Corner, will involve the development of 69 affordable units of condominium housing, 13,000 square feet of commercial space, 16,000 square feet of space for community facilities, and 11 parking spaces. The City will use the BEDI and Section 108 funds for construction, with a portion also used for remediation. Total project costs are estimated at $20.6 million.

The City of Syracuse will receive $750,000 of BEDI funds and $2.5 million in Section 108 loan guarantee funds to assist in the expansion of the regional headquarters of the insurer Excellus in downtown Syracuse. The project will provide for construction of a 40,000 square foot addition to the current headquarters and the creation of 100 new jobs by the end of 2006. The project is located in the city's federally designated Empowerment Zone. A portion of the BEDI and Section 108 funds will be used to assist in the remediation of the site, which includes leaking underground storage tanks. BEDI funds will also be used for acquisition of the site. The Section 108 funds will be used for site preparation, construction and for payment of interest costs on commercial financing. Total project costs are estimated at $6.1 million.

North Carolina

The City of Greensboro will receive $2,000,000 of BEDI funds and $3 million in Section 108-guaranteed loan funds to assist in the redevelopment of a brownfield site in the South Elm Street area adjacent to downtown. This project will assemble developable sites and remediate blight on thirty parcels of land, and provide site improvements for future construction of 143 residential units of a variety of types, along with the creation of 489,000 square feet of commercial space. The City will use the BEDI and Section 108 loan funds for acquisition, clearance, relocation and site preparation. The total costs for this phase of the project is $6.6 million.

Pennsylvania

The City of Pittsburgh will receive $900,000 of BEDI funds and $2 million in Section 108-guaranteed loan funds to assist in the redevelopment of the former J. Alan Steel building. Renovations on the 3.9-acre site will provide 100,000 square feet of office and flex industrial space. The city estimates that approximately 100 jobs will be created and retained as a result of the project and that the development will increase the city's tax base by approximately $289,000. The BEDI grant will be used for construction and debt service costs, with a portion also used for remediation. The Section 108 loan will be used for acquisition, construction and design costs. The total project costs are estimated at $4.9 million.

The City of Pittsburgh will also receive $1.1 million in BEDI grant funds and a $3 million in Section 108-guaranteed loan funds to renovate the third of three buildings on a 16-acre site donated to the City in the North Point Breeze Industrial District adjacent to the Homewood area. The other two buildings have been redeveloped and leased as commercial/industrial space to become the Lexington Technology Park. Building #3 is a four-story building with 61,900 square feet that will be renovated into flex industrial, office and storage space and create/retain 120 jobs. The Pittsburgh Economic and Industrial Development Corporation will oversee the renovation and retain ownership. The remaining financing required will be secured through a bank loan ($750,000), $187,000 from the Pennsylvania State Industrial Site Reuse Program and $500,000 from the state Industrial Development Program.

Rhode Island

The Town of Burrillville will receive $910,000 of BEDI funds and $1.8 million in Section 108-guaranteed loan funds to assist in the redevelopment of a brownfield site in the Stillwater Mill-Clocktower project by The Community Builders, a nonprofit developer of affordable housing. This project represents the second phase of the redevelopment of the Mill site, the first having received HUD Section 202 funding for elderly housing in 2002. This phase will develop a 50-unit mixed-income rental housing complex, with 30 of those units dedicated for use by low- and moderate-income individuals, while preserving the historic nature of the site. The Town will use the BEDI grant for site assembly and improvements, along with interest payments on the Section 108 loan, while the 108 loan funds will go to site clearance and housing construction. Total project costs are estimated to be in excess of $10 million.

Tennessee

The City of Memphis will receive $2 million of BEDI funds and $5 million in Section 108 loan guarantee funds for the Court Square Center project. The project entails the remediation and redevelopment of an entire abandoned city block, comprised of a historic 21-story office building, a former department store and a storage building. The project will create 51,000 square feet of new commercial space, 76 units of rental housing and 140 jobs. A portion of the BEDI and Section 108 loan funds will be used for the remediation of the site, as well as for the construction and rehabilitation of the buildings. BEDI funds will also be used to pay interest costs on the Section 108 loan. Total project costs are estimated at $28.8 million.

Virginia

The City of Danville will receive $500,000 of BEDI funds and $2 million in Section 108-guaranteed loan funds to assist in the Flour Mill Restaurant redevelopment project. The project will convert the five story historic Dan Valley Flour Mill building into a destination restaurant, brew pub and office space. The Flour Mill Restaurant at Long Mill is expected to create 80 jobs for the community. The city will use the BEDI grant for renovation costs and for debt service on the Section108 loan. The Section 108 loan will be used for renovation costs. Total project costs are estimated at $4.9 million.

Wisconsin

The City of Milwaukee will receive $2 million of BEDI funds and $10 million in Section 108 loan guarantee funds to support the remediation and redevelopment of a 140-acre site on the former Milwaukee Road Railroad Shops property. In partnership with WISPARK, one of Wisconsin's largest industrial developers, the city will create a 100-acre modern urban industrial park on the site, resulting in the creation of more than one million square feet of new industrial space. The city estimates that the entire park will be completed in 2006 and that 1,176 jobs will be created within five years. The city also projects a $900,000 annual increase in the municipal tax base as a result of the project. A portion of the BEDI grant will be used to fund remediation and to establish funding reserves to cover interest on the Section 108-guaranteed loan. The Section 108 loan will be used to finance interior roadways and utilities, as well as clearance and demolition. Total project costs are estimated at $23.8 million.