FY 2002 BEDI Grant Summaries

Anaheim will receive $650,000 of BEDI funds and $6.5 million in Section 108 loan funds for the development of a brownfield site as a 25-acre retail center and public plaza. The project will include a home improvement center, a supermarket, four retail establishments and restaurants. The City estimates the project will result in the creation of 605 new jobs. The BEDI funds will be used to fund the first two years of interest payments on the Section 108-guaranteed loan and the Section 108 funds will be used to fund property acquisition, demolition and relocation. An additional $3.3 million in other public development funds have been committed to the project. Total project costs are estimated to be more than $50 million.

Bakersfield will receive $250,000 of BEDI funds and $1 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the Old Town Kern Mixed-Use Project. The project will develop 40,000 square feet of new retail space, rehabilitation of a 23,000 square foot building, construction of 50 units of senior citizen housing, along with the construction of a public plaza area and a cultural theater. The Old Town Kern Mixed-Use Project is expected to create 106 new jobs for the community. The City will use the BEDI grant and the Section 108 loan for acquisition and clearance. The City expects this project to generate an additional $952,500 in other private investment. Total project costs are estimated to equal $13 million.

Los Angeles will receive $2 million of BEDI funds and $5,525,000 million of Section 108 loan funds to assist in the redevelopment of a brownfield site at Santa Barbara Plaza in the Crenshaw neighborhood of South Central Los Angeles. The new development, Marlton Square, will involve the demolition of Santa Barbara Plaza and the construction of new retail space, homes, senior housing and a community center. The Marlton Square development is expected to create 413 new jobs for the community, along with 140 homes for moderate-income homebuyers and 180 units of affordable senior housing. The City will use the BEDI grant for interest payments on the Section 108 loan, as well as for demolition and environmental remediation. The Section 108 loan will be used for property acquisition and the relocation of existing businesses. Total project costs are estimated at $125 million.

Los Angeles will receive $1,400,000 of BEDI funds and $7,400,000 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the Black and Decker property in the San Fernando Valley. The City will develop Pacoima Center at the site, with construction of new retail and industrial space, anchored by a Lowe's home improvement store and a Gigante supermarket. The Pacoima Center development is expected to create 622 new jobs for the community. The City will use the BEDI grant for interest payments on the Section 108 loan and for project delivery costs. The Section 108 loan will be used for property acquisition. The City expects this project to leverage an additional $3,000,000 in private investment. Total project costs are estimated at over $40 million.

Richmond will receive $1 million of BEDI funds and $1 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the 13.9-acre Sakai Nursery site located in the downtown redevelopment area. The Miraflores Housing Development Project will develop 100 low-income rental units and 100 ownership units for sale to low- and moderate-income first time homebuyers. The City will use the BEDI grant and the Section 108 loan guarantee for environmental remediation and site preparation. The City expects this project to generate an additional $1 million in other private investment. Total project costs are estimated to be $55 million.

San Jose will receive $2 million of BEDI funds and $18 million of Section 108 loan funds to assist in the construction of two retail centers at the intersection of King and Story Roads. A 183,000 square foot shopping center will be constructed on the southeast corner, which will include a Walgreens Drug Store. On the southwest corner, a 119,484 square foot retail center will include a Tropicana Market, a Mexican-style marketplace and a public plaza. The project will involve remediation of the site, where gas stations, dry cleaners and abandoned agricultural wells have been located. The BEDI funds will be used to assist in land assembly. The Section 108 loan will also be used to finance land assembly and acquisition. The City's Redevelopment Agency has committed an additional $14 million to the project and estimates the creation of more than 600 jobs. Total project costs are estimated to total $71.4 million.

Visalia will receive $244,000 of BEDI funds and $855,000 of Section 108 loan funds to assist in the development of a parking structure in conjunction with a major expansion of the Kaweah Delta Health Care District Hospital in the downtown area. The BEDI funds will be used to acquire and remediate a nearby brownfield site, relocate existing businesses and demolish existing structures. The Section 108 funds will be used for design and land assembly costs for the parking structure, which will be used both for the hospital expansion and for surrounding retail and office uses. The first phase of the hospital expansion is expected to generate 200 new jobs, with total project costs of $75 million.

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Florida

Miami will receive $1 million of BEDI funds and $4 million in Section 108 loan funds to assist in the redevelopment of a brownfield site located in the City's Allapattah community. The Wagner Square Mixed-Use Redevelopment Project will provide 198 units of affordable and market rate for-sale housing, along with new commercial and retail space. The Wagner Square Project is expected to create 195 new jobs for the community. The City will use the BEDI grant for site remediation. The Section 108 loan will be used for acquisition, remediation and construction. Total project costs are estimated to total $34 million.

Pompano Beach will receive $500,000 of BEDI funds and $2.8 million of Section 108 loan funds to assist in the remediation and redevelopment of a brownfield site along Martin Luther King Jr. (MLK) Avenue in the City's Northwest Community Redevelopment Area. The plans for the site include the development of 24 acres of retail and office space, housing for the elderly and mixed-income housing. The redevelopment along MLK Avenue is expected to create 238 new jobs for the community. The City will use the BEDI grant to pay the interest on the MLK), Section 108 loan for the first two years. The108 loan will be used for property acquisition, remediation, relocation and construction costs. The City expects this project to generate an additional $500,000 in other public funds. Total project costs are estimated to be $55 million.

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Illinois

Rockford will receive $300,000 of BEDI funds and $900,000 of Section 108 loan guarantee funds to assist in the remediation of a brownfield site as part of the South Main Street Redevelopment project. The project entails the revitalization of the South Main Street neighborhood and the development of a commercial shopping center. The City will use the BEDI grant for remediation and the Section 108 loan will be used by the Rockford Local Development Corporation for part of the construction of the project. Approximately $4.4 million of other public dollars have been leveraged for the project, and total project costs are estimated at $ 7.2 million.

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Iowa

Waterloo will receive $2 million in BEDI funds and $8.75 million in Section 108 loan funds to finance brownfields redevelopment, riverwalk improvements and affordable housing, as part of the Cedar Valley Riverfront Renaissance initiative. The BEDI funds will be used to finance the Riverwalk Loop project, as well as site clearance activities at brownfield sites in the East River District. BEDI funds will also be used to provide homebuyer assistance to low- and moderate-income families in the Cedar River neighborhood. The Section 108 loan will be used to finance the acquisition of brownfield properties and for other site improvements needed for the Cedar River Plaza and other facilities and venues included in the initiative. The City estimates the creation of more than 580 jobs as a result of these investments and total project costs are estimated to at more than $72.5 million.

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Massachusetts

Worcester will receive $1 million of BEDI funds and $2.45 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the 30 acre Gardner-Kilby-Hammond Street Neighborhood Revitalization Project. The project includes the construction of a new Worcester Boy's and Girl's Club facility, the Clark University athletic complex and 80 units of affordable rental and homeownership housing. The Gardner-Kilby-Hammond project is expected to create 300 new jobs for the community. The City will use the BEDI grant and the Section 108 loan for site preparation and environmental remediation. The City expects this project to generate an additional $3 million in other private investment. Total project costs are estimated at $32 million.

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Michigan

Flintwill receive $780,000 of BEDI funds and $1,872,000 of Section 108 loan funds to remediate and rehabilitate a 55,000 square foot building and its 20,000 square foot annex in downtown Flint. Avalon Systems, Inc., an internet provider, will occupy the annex, and the main building will be marketed to new commercial tenants locating to the area, which was recently designated as a federal Renewal Community. The BEDI funds and the Section 108 will be used to assist in the remediation and rehabilitation of the buildings and for working capital. The City estimates that 213 jobs will be created as a result of the project. Total project costs are estimated at $2.9 million.

Wayne County will receive $650,000 of BEDI funds and $750,000 of Section 108 loan funds to assist in the remediation and redevelopment of a brownfield site in the Grand Haven neighborhood of the City of Hamtramck. The plans for the redevelopment of the site include construction and installation of public improvements that will support the rehabilitation of 62 homes and the construction of 50 new homes for low- and moderate-income residents. Wayne County will use both the BEDI grant and the Section 108 loan for site preparation and construction costs. The County expects this project to generate an additional $2,096,774 in other public funds. Total project costs for the development of the infrastructure are estimated to be $2,400,000.

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New Mexico

Carlsbad will receive $775,000 in BEDI funds and $2,015,000 in Section 108 loan funds to assist in the construction of the Carlsbad Water Park on the 35-acre Burlington Northern Santa Fe Railway brownfield site in Carlsbad. The BEDI and 108 funds will finance infrastructure and construction costs, as well as architectural and engineering fees. The BEDI funds will be provided as a grant and the Section 108 funds will be provided as a loan to the private developer of the water park. An additional $2,060,000 will be leveraged by the BEDI funds, with total project costs of $4,850,000. The City estimates the creation of 100 new jobs through the development of the water park.

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New York

The City of New York will receive $665,000 of BEDI funds and $3,265,000 in Section 108 loan funds, to assist in the redevelopment of a brownfield site at the former Rheingold brewery in the West Bushwick section of Brooklyn. The new development, Bushwick Gardens, will involve the construction of condominium housing units for ownership by low-income families, with new commercial and retail space on the ground floor of the development. The Bushwick Gardens development is expected to create 40 new units of low-income housing for the community and 18,000 square feet of new retail space to enhance community access to such services as a supermarket. The City will use the BEDI grant to as a loan loss reserve for the Section 108 loan guarantee and for construction of the commercial and retail portion of the development. The Section 108 loan will also be used to finance construction of the new commercial and retail space. The City expects this project to generate an additional $2,112,000 in other public funds. Total project costs are estimated to be $11,900,000.

Yonkers will receive $1 million of BEDI funds and $3 million in Section 108 loan funds to assist in the development of the 4-acre Nepperhan Valley Industrial Center within the Yonkers federal Empowerment Zone. The BEDI funds will be used for acquisition of the parcels needed for the Industrial Center and to finance a portion of the required remediation of the brownfield site. The Section 108 loan will be used by the City to partner with a private developer for the acquisition and construction of commercial and industrial flex-space buildings. The funds will also provide assistance to finance relocation activity, clearance, demolition, site preparation and the construction of site improvements, along with loans to businesses locating to the Center. The project is expected to create 76 new jobs, and total project costs are estimated to be $8.9 million.

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Pennsylvania

Chester County will receive $2 million of BEDI funds and $4 million in Section 108 loan funds to assist in the remediation and site preparation of a brownfield site as part of the French Creek Center project. The project is located on the former Phoenix Steel Plant and entails waterfront, commercial and retail development in the Borough of Phoenixville. The French Creek Center Project is expected to create 200 new jobs. The County will use both the BEDI grant and the Section 108 loan for remediation and site preparation. Leveraging of public resources is estimated at $3.1 million and the total project costs are estimated to be $60 million.

Pittsburgh will receive $1.5 million of BEDI funds and $4.5 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the South Side Works Project. The City will construct a five level, 810-space parking garage, which will support the Quantum Two office building and a retail, restaurant and entertainment complex. The City will use the BEDI and the Section 108 loan for construction of the parking facility. Total project costs are estimated to be $13 million.

Reading will receive $1.1 million of BEDI funds and $3.5 million in Section 108 loan funds to assist in the redevelopment of a brownfield site to create a 65,000 square foot office building as the operations center for the Sovereign Bank. The City will use the BEDI and the Section 108 loan guarantee for construction. The Sovereign Bank Project is expected to create 150 new jobs for the community. The City expects this project to generate an additional $4.9 million in other private investment. Total project costs are estimated to be $10 million.

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Rhode Island

East Providence will receive $2 million of BEDI funds and $3 million in Section 108 loan funds to assist in the redevelopment of a brownfield site to construct approximately 75,000 square feet of retail and office space. The East Pointe Commercial Development Project is expected to create 145 new jobs for the community. The City will use the BEDI grant and the Section 108 funds for acquisition, remediation and construction. Total project costs are estimated to be $20 million.

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Utah

Orem will receive $500,000 of BEDI funds and $3 million in Section 108 loan funds to create a business loan fund. The loan fund will be used in conjunction with private developer investments to make it economically feasible to redevelop blighted commercial and industrial areas within the City. The Section 108 funds will be used to assist existing businesses and attract new businesses to the City. The BEDI funds will be used in conjunction with the Section 108 loan funds in a ratio of one dollar for every six dollars of 108 funds. In addition to these funds, the City of Orem has committed $125,000 of in-kind services to the project. The City anticipates that a minimum of 175 jobs will be created through the loan fund, with total project costs of $3,825,000.

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Virginia

Norfolk will receive $2 million of BEDI funds and $10,700,000 of Section 108 loan funds to assist in the development of the Broad Creek Renaissance project. The project will result in the creation of 968 units of new or rehabilitated housing. A new shopping center will also be constructed, creating 50 new jobs. The project also entails the construction of a regional library, a YMCA facility and walking and biking trails. The project will be implemented in seven phases over 5 years. The BEDI funds will be used for remediation of environmental contamination in the residential portion of the development and for an upgraded storm water system. The City will use Section 108 funds to finance public infrastructure improvements and remediation costs. The total project costs are estimated at more than $160 million, and the City has secured commitments of over $120 million for use by the project.