However, because there is usually no single source of money to complete the many facets of a brownfields project, the most successful communities will leverage a variety of public and private sources for brownfields revitalization.
Local funding can make the critical difference on brownfields projects. Localities are uniquely positioned to provide direct funding and gap financing incentives for brownfields revitalization, and to leverage additional state, federal, and private resources.
The key role of localities in leveraging public and private funding for brownfields is especially important at "upside down" sites, where contamination costs might exceed real estate value. In Louisville, Kentucky, the City has been working with an expanding business to acquire an adjacent, contaminated property that has been abandoned for nearly a decade.
This project has been complicated by a wide array of factors, including environmental contamination at the site and uncertain remediation requirements. Without involvement by the City of Louisville, this deal likely would have gone nowhere. The city served a critical role as "brownfields broker," overseeing relations between the Kentucky Department of Environmental Protection, the Landbank Authority, and the prospective purchaser, Louisville Dryer Company.
In addition, the city dedicated funds to this project, for personnel and site assessment, from grant money provided under EPA's Brownfields Assessment Pilot Program.
