Overview

This chapter represents discussions intended to be of assistance to private developers or companies considering brownfields redevelopment. This long discussion has been divided into the various steps in the process of redevelopment. The process begins with the developer doing preliminary investigations of the selected site.

In Sec. 5.1 , Robert Rafson gives an in-depth view of what to look for at the site, and first assessment of costs.

In Sec. 5.2 , Carey S. Rosemarin and Steven M. Siros discuss the facets of liability.

In Sec. 5.3 , Andrew Warren discusses the Federal Brownfield Incentives, which affect private developers (as well as anyone else working in the field).

In Sec. 5.4 , John Oharenko discusses the lender s viewpoint. Financing is something the developer has to obtain immediately. Oharenko writes succinctly and as an expert in the field. Most developers who have attempted to finance brownfields projects through traditional lending sources have met with resistance. Traditional loans are available, but often require special terms and conditions. For example, a lender may not make a 75 percent loan, but will make a 25 percent loan-to-value loan. The lender may insist that the borrower post additional loan collateral beyond the pledged brownfield project. Arranging financing for brownfields sites is possible, but the terms may or may not be helpful in making the overall economics feasible.

Financing is the central issue, and the subject of ways to find the money in loans, incentives, TIF programs, and so on, is discussed in many chapters...