July 11, 2013
In partnership with the United States Environmental Protection Agency, PIDC is pleased to announce a new resource available to commercial property owners seeking to remediate contaminated land in Philadelphia. Following the release of the Lower Schuylkill Master Plan, the Environmental Remediation Fund has been created primarily to address the condition of significant sites in this part of Philadelphia that have underperformed as a result of environmental contamination.
The Environmental Remediation Fund provides low interest loans to support environmental remediation of petroleum contamination, specifically focusing on the Lower Schuylkill area of Philadelphia. The program is designed to help eligible property owners clean up contaminated properties and position them for new, high-quality development. Eligible borrowers must have full site control prior to application, as well as documentation of environmental conditions and a remedial action plan. An approved remedial action plan is preferred. Eligible borrowers will also be required to demonstrate tax compliance and the absence of judicial or administrative orders at the time of application.
Funds may be used for petroleum-related environmental remediation work, subject to the terms and conditions of the loan agreement. In projects involving multiple contaminants, Environmental Remediation Fund dollars may be used for the petroleum portion of the cleanup.
Funds may not be used for Phase I or Phase II reports, cconstruction/demolition not integral to cleanup activities, or The payment of penalties or fines.
Applications are accepted on a rolling basis and will be reviewed by PIDC staff for eligibility and feasibility. All loans must be approved by the PIDC Loan Committee, PAID Board of Directors and, if required, the U.S. Environmental Protection Agency.