Can traditional economic development financing tools be used for brownfield projects?
Yes, many communities are not aware that the traditional economic development tools they have been using for years can be used for brownfield redevelopment projects. Keep in mind that restrictions on what the money can be used for depend on the type of financial instrument. Throughout the country, communities have found creative ways to use different government economic development programs such as grants, loans, loan guarantees and other programs for brownfield projects. Sometimes, the economic development money can be used to improve roads or to help finance a new business while other money can be used for the site assessment and cleanup.
