Salem-Peabody Coalition Brownfields Revolving Loan Fund

*Update: Salem-Peabody Brownfields Funding Webinar | 3/29/2022*

Click here to view video of this webinar
Click here to view the presentation slides

You are invited to join the City of Peabody and the City of Salem at an online webinar to learn about funding to support the cleanup and redevelopment of contaminated properties from through the EPA-funded Brownfields Revolving Loan Fund (RLF). The information will be most useful to professionals in the development industry, but all are welcome to attend and participate. The webinar will provide a chance to ask questions and also include information about other programs to support brownfields redevelopment through federal, state, and local agencies.

When: Tuesday, March 29 at 10:00 A.M.
RSVP here by Mar. 22 to receive login information for the online webinar.

The two communities jointly administer an EPA-funded Brownfields Revolving Loan Fund (RLF) that can provide gap financing for the cleanup of eligible contaminated properties, such as the removal of impacted soils and abatement of hazardous building materials including lead and asbestos.

For questions about this project, email Brendan Callahan (brendan.callahan@peabody-ma.gov) or Tom Devine (tdevine@Salem.com).

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The US EPA awarded Salem and Peabody a $950,000 grant in 2014 to capitalize a revolving loan fund to support environmental remediation of brownfields and facilitate their successful redevelopment.

Eligibility:

  • Be a non-profit community development corporation or a private for-profit developer
  • Furnish at least 20% cost share to the loan amount
  • Demonstrate credit worthiness and ability to repay loan
  • Own the subject property or have long-term site control
  • Meet the definition of “innocent landowner”
  • Meet all other EPA program terms and conditions

Loan Facts:

  • Loan funds may be used for cleanup of site and related engineering and documentation costs
  • Repayment terms are on a protect-by-project basis
  • Below market rate
  • No penalty for early payoff
  • Funds are typically used with other financing sources
  • Disbursement of loan funds are through reimbursement process
  • Subgrants are available to eligible non-profits ($200,000 maximum)

Application Process:

  • Submit Preliminary Information
  • Eligibility Screening by Salem & Peabody
  • Submit Complete Application Package
    • Project overview
    • Cleanup evaluation and costs
    • Financial statements and projection
    • Credit report
  • Review of Complete Package by Salem & Peabody*
  • Terms & Conditions of Loan and/or Subgrant Agreement Executed

*Projects are evaluated based on environmental impact, public health and safety, economic development, community benefit, and neighborhood revitalization considerations.

For more information, contact:

Tom Devine, Senior Planner
City of Salem Department of Planning & Community Development
978-619-5685
Email

Brendan Callahan, Assistant Director of Planning
City of Peabody Department of Community Development & Planning
978-538-5780
Email

Program Documents:

Additional Resources to Support Brownfields Redevelopment: