Page 74 - Valparaiso, IN SR 49 Corridor Plan

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that have no nonattainment or maintenance areas still receive a (including hazardous substances co-mingled with petroleum). development. Those areas can then be designated as “allocation • Agreement on behalf of the applicant that IEDC may revoke
minimum apportionment of CMAQ funding for either air quality Cleanup grants require a 20 percent cost share, which may be in areas” which triggers the TIF process. After such a designation the tax increment and recapture rights of the technology park
projects or other elements of flexible spending. the form of a contribution of money, labor, material, or services, is made, property taxes generated from new construction in the in the event of noncompliance with any part of the agreements
and must be for eligible and allowable costs (the match must area, rather than going to the normal taxing units (e.g., schools, of the community, redevelopment commission, or any tenant
Brownfield Programs equal 20 percent of the amount of funding provided by EPA and cities, counties), can be set aside and invested back in the area of the park.
cannot include administrative costs). A cleanup grant applicant to promote development. TIF revenues may be used directly to • Evidence of local government financial participation in the
U.S. EPA Brownfield Assessment Pilots/Grants may request a waiver of the 20 percent cost share requirement finance public infrastructure, land acquisition, site improvements, establishment of the CTP.
based on hardship. An applicant must own the site for which it is and other public improvements. Alternatively, TIF revenues may be
Assessment grants provide funding for a grant recipient to • An agreement with an Indiana institution of higher education
inventory, characterize, assess, and conduct planning and requesting funding at time of application. The performance period pledged to the payment of bonds or lease rental obligations issued whereby the institution makes a meaningful monetary or in
community involvement related to brownfields sites. An eligible for these grants is three years. or incurred to finance such projects. kind contribution to the park.
entity may apply for up to $200,000 to assess a site contaminated • Agreement between IEDC and the applicant regarding:
by hazardous substances, pollutants, or contaminants (including Indiana Finance Authority Brownfields Program Revolving Loan Fund State Programs
hazardous substances co-mingled with petroleum) and up to The purpose of the Indiana Brownfields Program’s Revolving IEDC Industrial Development Grant Fund (IDGF) » The types of businesses eligible to locate in the park; and
$200,000 to address a site contaminated by petroleum. Applicants Loan Fund (RLF) Incentive is to facilitate the redevelopment of » The types of businesses located within the park from
may seek a waiver of the $200,00 limit and request up to $350,000 brownfield sites by making low-cost funding available through IDGF provides assistance to municipalities and other eligible which revenue may be recaptured for use within the park.
for a site contaminated by hazardous substances, pollutants, or low-to-zero interest loans to finance environmental cleanups and entities to reimburse a portion (typically up to 50%) of eligible
contaminants and up to $350,000 to assess a site contaminated facilitate the public or private redevelopment of brownfield sites public infrastructure costs over a period of two full calendar years Economic Development Administration (EDA)
by petroleum. Such waivers must be based on the anticipated level throughout the state. Contact the Program for the maximum loan from the commencement of the project. The costs are associated The EDA provides strategic investments that foster job creation and
of hazardous substances, pollutants, or contaminants (including amount available. with an economic development project supported by the Indiana attract private investment to support development in economically
hazardous substances co-mingled with petroleum) at a single site. Economic Development Corporation and must be negotiated prior distressed areas of the United States. The EDA solicits applications
A coalition of three or more eligible applicants can submit one Local Financing Options to a location commitment from the end user. Eligible expenses from both rural and urban areas to provide investments that
grant proposal under the name of one of the coalition members include construction of water and sewer lines, roads and sidewalks, support construction, non-construction, technical assistance,
for up to $ 1,000,000. The performance period for these grants is County Option Income Tax (COIT) rail spurs, and fiber optics. and revolving loan fund projects under EDA’s Public Works and
three years. COIT provides tax revenues to local governments for general Economic Adjustment Assistance programs. Grants made under
spending. Funds may also be allocated for communication, Indiana Certified Technology Parks (CTP) Program these programs are designed to leverage existing regional assets to
U.S. EPA Brownfields Area-Wide Planning Grant transportation systems, and financing economic development The Certified Technology Parks program was created as a tool to support the implementation of economic development strategies
Brownfields Area-Wide Planning is an EPA grant program which projects. support the attraction and growth of high-technology business that advance new ideas and creative approaches to advance
provides funding to recipients to conduct research, technical in Indiana and promote technology transfer opportunities. economic prosperity in distressed communities. Within the
assistance and training that will result in an area-wide plan and County Economic Development Income Tax (CEDIT) Designation as a Certified Tech Park allows for the local recapture parameters of a competitive grant process, all projects are evaluated
implementation strategy for key brownfield sites, which will help CEDIT is a local option income tax that provides funding for local of certain state and local tax revenue which can be invested in to determine if they advance global competitiveness, create jobs,
inform the assessment, cleanup and reuse of brownfields properties economic development projects with the goal to increase local the development of the park. The Indiana Economic Development leverage public and private resources, can demonstrate readiness
and promote area-wide revitalization. Funding is directed to employment opportunities and/or attract or retain businesses. In Corporation (IEDC) has established the following requirements for and ability to use funds quickly and effectively, and link to specific
specific areas, such as a neighborhood, downtown district, local addition to direct investments, CEDIT funds can be used to back a approval of current and future applications for Certified Tech Park and measureable outcomes.
commercial corridor, or city block, affected by a single large or bond issuance for an eligible economic development project, which (CTP) status and grants from the Technology Development Grant
multiple brownfield sites. is defined as a project that will promote significant opportunities for Fund: EDA Investment Programs
the gainful employment of its citizens, attract a major new business • Submission of a viable business plan that establishes a clear Public Works: Empowers distressed communities to revitalize,
U.S. EPA Brownfield Cleanup Grants enterprise, or retain or expand a significant business enterprise. strategy for long-term growth. expand, and upgrade their physical infrastructure to attract

Cleanup grants provide funding for a grant recipient to carry • Demonstration that the designation of the CTP creates an new industry, encourage business expansion, diversify local
out cleanup activities at brownfield sites. An eligible entity may Tax Increment Financing opportunity to attract a specific high-tech business. economies, and generate or retain long-term, private sector jobs
apply for up to $200,000 per site. Due to budget limitations, no The tax increment finance (TIF) mechanism in Indiana permits a and investment.
entity can apply for funding cleanup activities at more than three town, city or county, through a local redevelopment commission, • Agreement on behalf of the applicant that funds from the
CTP’s tax increment account and grants awarded from the
sites. These funds may be used to address sites contaminated by to designate targeted areas for redevelopment or economic Technology Development Grant Fund will be expended Economic Adjustment: Assists state and local interests in designing
petroleum and hazardous substances, pollutants, or contaminants and implementing strategies to adjust or bring about change to an
according to CTP guidelines and agreements.

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