Oklahoma City awarded $900,000 from EPA

(August 5, 2009) - Oklahoma City was selected to receive a $900,000 grant to support its Brownfields program yesterday.  The announcement came from the U.S. Environmental Protection Agency (EPA) as a part of the American Recovery and Reinvestment Act. 

Brownfields are properties that have environmental contamination that complicates or hinders redevelopment.  Oklahoma City’s Brownfields program is designed to help spur the assessment, cleanup and redevelopment of contaminated properties.

The award will support the Brownfields Clean-up Revolving Loan Fund, which is used to cleanup sites contaminated by asbestos and other hazardous substances often found in older commercial and industrial properties.

“Revolving loan funds are helpful when a development project needs a financial gap remedy to deal with environmental concerns,” Brownfields Coordinator Chris Varga said.  “The low interest rates these public programs offer can assist developers in making deals work when bank financing won’t because the private sector considers a loan too risky or the interest rates are too high.” 

Projects in Oklahoma City that have received Brownfields loan funds from the EPA include the Skirvin Hotel, Dowell Center and First National Center.

For more information, call 297-1639.