FINANCING SMALL-SCALE URBAN REDEVELOPMENT PROJECTS
A Sourcebook for Borrowers ReusingEnvironmentally Suspect Sites
The E. P. Systems Group, Inc.P.O. Box 2736Louisville, KY 40201502/458-4988 FAX 502/852-4558
Preface and Acknowledgments
For the past several years, we have studied the issue of redevelopment of previously usedproperties, conducting interviews with developers, lenders, environmental engineers and lawyers,environmental agency representatives, staff from economic development organizations andothers. Many of the small developers with whom we talked have expressed a desire for better information and guidance in their efforts to obtain financial backing. We combined findings fromour previous work and our reviews of a variety of writings on potentially contaminated sites withinformation from interviews conducted specifically for this sourcebook. These included additionaldiscussions with small developers, appraisers, and insurers. In particular, we spent many hoursinterviewing over thirty loan officers, vice presidents, and environmental risk managers fromlending institutions.This sourcebook would not have been possible without the willingness of these parties to talk withus, explaining their concerns and policies and even sharing proprietary information. We havetaken great care not to identify specific information from any individuals or organizations, but oweour interviewees a major debt of gratitude. They gave freely of their time and knowledge andmany provided useful comments on an earlier sourcebook draft. We especially thank some of theorganizations whose staff gave extensive time to providing input to, and making suggestions for improvements in, this sourcebook:Republic Bank and Trust Company; Bank One, Louisville; PNC Bank; Fifth-Third Bank, Louisville;Rudnick & Wolfe, Attorneys at Law; Stockyards Bank & Trust Co.; National City Bank, Louisville;Louisville Community Development Bank; Bank of America; Bank of New York; TIAA-CREF; Ray& Associates, Appraisers; AIG (Commerce and Industry Insurance); ECS, Inc.; design-buildpartners, llc, Louisville; Kentucky Bankers Association; Louisville-Jefferson County Office of Economic Development; and the U.S. Small Business Administration, Louisville Branch.We are also very much indebted to EPA personnel who spent many hours reviewing the draft. Inparticular, we would like to acknowledge the substantial contributions of Ludmyrna Lopez of UEDD, who guided the preparation of the sourcebook from beginning to end, and to thank HarrietTregoning, the Director of UEDD, for her support of the project. Others at EPA who providedinvaluable input include Elisabeth Freed and Bruce Pumphrey from the Office of Enforcement andCompliance, Sven-Erik Kaiser from the Office of Solid Waste and Emergency Response, andSuzanne Giannini-Spohn from UEDD.Finally, we want to give special recognition to the work of our research assistant Kenneth M.Chilton. His research skills, perceptiveness, hard work, and good nature were key to thecompletion of this project.