Brownfields Redevelopment Fund
Water Street Retail, LLC         Eligibility Requirements (continued)
                Haverhill               Borrower mus...
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Brownfields Redevelopment Fund Brochure 4/09


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MassDevelopment's Brownfield Redevelopment Fund provides financing for the

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Brownfields Redevelopment Fund Brochure 4/09

  1. 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 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
  2. 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 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 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 for more information. Updated 03/09 160 Federal Street 800.445.8030