FIRST BROWNFIELDS REVOLVING LOAN AWARDED

[Maas.James@epamail.epa.gov]

FIRST BROWNFIELDS REVOLVING LOAN AWARDED

FOR RELEASE:  THURSDAY, OCT. 7, 1999

The first brownfields revolving loan was awarded this week in
Stamford, Conn., to help clean up the Stamford Harbor waterfront
property.  The $250,000 was awarded to the Southfield Associates LLC,
through its managing member Clearview Investment Management Inc., which
will use the money to restore the harbor area to a major economic and
recreational resource.  The Stamford Community Development Office will
be responsible for ensuring that environmental cleanups are done in
compliance with all applicable laws and regulations.  EPA selected the
City of Stamford for a brownfields redevelopment assessment pilot in
1998 and selected the city for a Brownfields Cleanup Revolving Loan Fund
Pilot (BCRLF) in September 1999.  Under the BCRLF program, EPA provided
the city of Stamford with $500,000 to capitalize its revolving loan
fund.  The city uses the
money to provide loans to public and private parties for the purposes of
cleaning up brownfields sites in the city.  To date EPA has awarded 68
BCRLF pilots.  For more information about the BCRLF pilots, including
the Stamford, Conn., project, visit EPA's web page at

http://www.epa.gov/brownfields.

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