MassDevelopment's Brownfield Redevelopment Fund provides financing for the

1. WinnDevelopment
Brownfields Redevelopment Fund
Corporation
Springfield Massachusetts is dedicated to revitalizing its communities and the environment.
The Brownfields Redevelopment Fund was created in 1998 to encourage
the reuse of vacant, abandoned, idle or underutilized industrial or commercial
WinnDevelopment Corporation properties in Economically Distressed Areas (EDAs) throughout Massachusetts where
transformed the original expansion, redevelopment, or improvement is hampered by real or perceived
environmental contamination and liability.
Sheraton Hotel in Springfield
into an affordable housing
complex called Museum Park Brownfields Site Assessment Program
Interest-free financing of up to $100,000 per redevelopment site is available for
Apartments. Museum Park environmental testing. Required to be conducted by a Massachusetts Licensed Site
features one and two-bedroom Professional, a site assessment documents the extent, if any, of site contamination and
units, a common room, a fitness allows you to develop a clean-up remediation plan.
center and an emergency call
Brownfields Remediation Loan Program
system for adults over 55 years Loans of up to $500,000 per site are available for environmental clean-up required for
of age. A $335,000 Brownfields redevelopment. Financing terms are determined on a case-by-case basis, to provide
Remediation loan was used flexibility to you for your remediation plan.
to cleanup environmental
Brownfields Redevelopment Fund Program Eligibility Requirements
contamination found under Eligible borrowers include businesses, nonprofit organizations, municipalities,
an adjacent parking garage that economic development organizations and individuals.
was demolished. Brownfields site must be located in an EDA. A complete list of EDAs is available at
www.massbrownfields.com.
Borrower must not have (a) owned or operated the site at the time the contamination
occurred; (b) caused or contributed to the contamination; (c) a business or familial
relationship with the contaminator; (d) any outstanding administrative or judicial
enforcement actions against their Massachusetts properties; and (e) access to the
Underground Storage Tank Fund.
Updated 03/09 160 Federal Street 800.445.8030 www.massdevelopment.com

2. Water Street Retail, LLC Eligibility Requirements (continued)
Haverhill Borrower must own, be a tenant or have site control or evidence of the right to enter
the site to perform environmental testing.
Proposed redevelopment projects must result in at least one of the following public
MassDevelopment provided benefits: job creation, job retention, economic or physical revitalization or creation/
a $47,000 brownfields site rehabilitation of affordable housing.
For the Site Assessment Program, the borrower must agree to transfer the results of
assessment loan to Water
the assessment to the Department of Environmental Protection (DEP) if the borrower
Street Retail, LLC. to assess does not proceed with the project.
the contamination of the
former Cleary’s Cleaners site Other Massachusetts Programs
in Haverhill. Future develop- Brownfields Tax Credit Program
ment includes construction Massachusetts also offers the Brownfields Tax Credit Program to encourage redevelopment
of Brownfields properties. Tax credits are available to eligible businesses and nonprofit
of a 6,000-square-foot retail
organizations for costs incurred for assessment, containment or removal of oil or
building with 41 parking hazardous materials from a contaminated site. Taxpayers may apply the credit to their
spaces. Total development income tax or corporate excise liability tax. Organizations may also choose to sell, transfer
cost is estimated to be $1.5 or assign the Brownfields tax credit to another organization. Information on the
Brownfields Tax Credit Program is available through the DOR website at
million and completed by www.dor.state.ma.us.
summer 2009.
Brownfields Redevelopment Access to Capital (BRAC) Program
The BRAC Program offers low-cost, high quality and often state-subsidized environmental
insurance to help eliminate the risks associated with Brownfields redevelopment.
Information on the program can be found on the Massachusetts Business Development
Corporation website at www.mass-business.com.
What’s More...
MassDevelopment can provide financial assistance throughout your redevelopment
project. We offer direct loans and tax-exempt bond financing and our knowledgeable
team of professionals will guide you along the way. Please call 800.445.8030, or
visit www.massdevelopment.com for more information.
Updated 03/09 160 Federal Street 800.445.8030 www.massdevelopment.com