The Ark-Tex Council of Governments (ATCOG) was awarded $1 million dollars to help turn abandoned and contaminated properties for economic growth.
The U.S. Environmental Protection Agency (EPA) awarded ATCOG a $1 million Brownfield Revolving Loan Fund Grant. ATCOG was one of 15 recipients nationwide and of four in Texas selected to receive the funding.
The cities of Austin, Garland and Texarkana each received $500,000 for brownfield projects.
The grant will allow ATCOG to provide low interest loans to safely clean and redevelop Brownfield properties. As businesses repay the loans, ATCOG is able to replenish the fund to provide additional loans to rehabilitate more sites in their service region.
“This $1 million grant represents a transformative investment in our region’s future,” said Melody Harmon, ATCOG’s director of economic development. “By providing the financial resources to clean up contaminated properties, we can return these sites to productive use, create jobs and generate new tax revenue that benefits our entire community.”
The funds will be primarily used to serve the cities of New Boston, Atlanta, Paris and Sulphur Springs and Miller County, Arkansas.
“It is mainly for rural communities that need help revitalizing old, abandoned buildings in their downtown regions,” Harmon added.
The Brownfield Revolving Loan Fund grant was one of three Brownfield programs which awarded $267 million in grants nationally.
The Brownfield program has awarded approximately $2.9 billion dollars in grants nationally since it began in 1995, said EPA regional administrator Scott Mason.
“Many of our communities have properties with tremendous potential that remain unused due to contamination concerns. This award empowers us to provide loans that address environmental challenges while simultaneously driving economic growth in areas that need it most. We’re excited to partner with local governments, businesses and property owners to transform these sites into community assets,” said Mary Beth Rudel, ATCOG executive director.
The Brownfield Revolving Loan Fund is one of eight specific use loans ATCOG offers to small businesses in the private sector in the area.
