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BROWNFIELDS CLEANUP LOANS AWARDED TO TRENTON, N.J. AND SHREVEPORT, LA.
Release Date: 06/29/2000
FOR RELEASE: THURSDAY, JUNE 29, 2000
BROWNFIELDS CLEANUP LOANS AWARDED
TO TRENTON, N.J. AND SHREVEPORT, LA.
The City of Shreveport, La. recently made a $400,000 loan under its Brownfields Cleanup Revolving Loan Fund (BCRLF) pilot. The city was awarded its BCRLF pilot in September 1999. The city of Shreveport made a BCRLF loan to an entity of the city on June 14 to remove hazardous substances from a property in the Cross Bayou area. This property is adjacent to both the downtown commercial area of the city and the Red River. The property will be used for a new 300,000 square foot Convention Center that is expected to create and sustain over 1,000 jobs for the community. The city of Trenton, N.J. has also announced that under its BCRLF pilot it has made its first loan in the amount of $275,000. The loan will be to an entity of the city for a removal on a 6.5 acre former industrial property known as the Kramer site that dates back to the 1800s. Uses of the property have included an iron and brass foundry, a rubber company for tire manufacturing, home lighting fixtures, clothing manufacturers and warehouses. Trenton acquired site for foreclosure in 1997. Loan funds will be used to for soil excavation and removal and capping. APEX Lumber will use the site for facility expansion following cleanup. Trenton received its BCRLF pilot in September 1997. The purpose of the BCRLF is to enable states, political subdivisions and Indian tribes to make low interest loans to facilitate the cleanup and redevelopment of brownfields properties. The BCRLF provides capital funding for a loan fund, which is then used to lend money to entities who are doing cleanup of brownfields sites.