The Environmental Protection Agency today announced that Chattanooga has been awarded $400,000 for hazardous supplemental funding for two brownfield projects.
The projects are the Chattanooga Christian School ($200,000 sub grant) and the Standard Coosa Thatcher mill ($200,000 loan).
Earlier this morning, a massive fire ripped through the Standard Coosa Thatcher mill, causing extensive damage to the historic building. The cause of the fire is under investigation.
The EPA plans to provide supplemental funding to 33 successful Revolving Loan Fund grantees nationwide.
"These funds – going to communities who have already achieved success in their work to clean up and redevelop brownfield sites – will help revitalize distressed communities, improve public health, encourage innovation, and boost local manufacturing opportunities," said Mathy Stanislaus, assistant administrator for EPA's Office of Land and Emergency Management. "RLF funding is often the key to addressing critical financing gaps to leverage private sector resources to make cleanups and reuse of properties happen."
RLFs supply funding for loans and sub-grants to carry out cleanup activities at brownfield sites. The supplemental funding to each grantee ranges from about $200,000-$500,000.
The EPA said supplemental funds help maintain momentum so that more cleanups can be completed. These funds are provided to communities who have already achieved success in their work to clean up and redevelop brownfield sites. Collectively, these communities have already leveraged more than $600 million in cleanup and redevelopment investments. To date, the RLF grantees receiving supplemental funds have completed over 66 cleanups and provided more than 300 loans and sub-grants.