Economic Development Newsroom


New Loan Helps Property Owners Clean Brownfields

Thursday September 24, 2009

A new program designed to help clean polluted properties has awarded its first loan to site in the Park Hill corridor, near the University of Louisville.

The $600,000 low-interest loan will help remediate pollution at 2501 S. Fourth Street, a seven-acre brownfield property being redeveloped as Belknap Crossings.

The loan comes from a $1.2 million grant from the U. S. Environmental Protection Agency that the city received in summer 2007.

The Belknap property is owned by Metro Councilman Tom Owen, his wife Phyllis, their son Andrew and daughter Elisa. Owens sought an opinion from the Ethics Commission to ensure that the award of the loan did not pose a conflict of interest.

Belknap Crossing, at 4th and Industry, is near the University of Louisville and the Reynolds Loft redevelopment.

The site formerly housed sawmill and wood preserving operations; commercial printing services; metal operations; chemical distribution; electrical apparatus repair and a cardboard distribution facility.

The loan — which, among other things, will help remove three underground storage tanks — is at 5 percent for three years. Louisville Metro Government will hold a second mortgage on the property until the loan is paid.

The EPA revolving loan fund is accepting applications for other companies and businesses in the Park Hill corridor that are looking to remove pollution from their sites.

The corridor was the historical manufacturing center of the city and has many abandoned, vacant and underutilized brownfield sites. The city is currently developing a master plan that will examine way to revitalize the area and attract new businesses.

For more information about the program, or to apply for a loan, call 502-574-4140.