Rockford to receive $3.9M for environmental cleanup
From news release
Rock River Current
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ROCKFORD — The city of Rockford will receive $3.9 million in federal funding to help clean up and develop potentially contaminated properties.
The money will be used to supplement the Brownfield Cleanup Revolving Loan Fund, which provides loans and grants to eligible organizations for environmental assessments and cleanup work.
The money is intended to help the city and the Environmental Protection Agency strengthen the marketplace and encourage private businesses to leverage resources to clean up and redevelop brownfields.
Related: Want to know what the Barber-Colman complex could become? Look to Racine, Wisconsin
“Communities across northwest and central Illinois are burdened by abandoned commercial properties – many so polluted that property development isn’t possible,” U.S. Rep. Cheri Bustos said in a news release. “I’m proud to join the U.S. Environmental Protection Agency to announce $6.35 million in grants and loans to help clean up these properties and pave the way for growing economic opportunity. I’m thrilled that Rockford, Galesburg, Canton and Monmouth will benefit from this federal investment and I look forward to seeing how this important funding will revitalize these properties and improve these communities.”
When loans are repaid, the money is returned into the fund and lent to other borrowers, providing an ongoing source of capital. The new funds are being awarded to Rockford because of the success the city has already demonstrated, including the development of the UW Health Sports Factory, the Embassy Suites by Hilton Rockford Riverfront Hotel & Conference Center and other projects.
“For over 20 years, Rockford’s (Revolving Loan Fund) Program has played a significant role in cleaning up environmentally challenged properties, paving the way for substantial reinvestment in our urban core,” Mayor Tom McNamara said in a news release. “RLFs were a major catalyst in the development of the $24.5 million UW Health Sports Factory, the $87.5 million Embassy Suites by Hilton Rockford Riverfront Hotel & Conference Center, and now the anticipated redevelopment of the Barber Colman campus. As a result of this award, our RLF program will continue to benefit our community economically and improve overall environmental health for our residents.”
