Turning contaminated sites back into usable property: Recapping the Brownfield Coalition Summit Recap

Some of the best development sites in Memphis are sitting empty because of contamination, or at least the suspicion of it. This could be a former gas station, an old dry cleaner, or a light industrial parcel that has not been used in 30 years. In many cases the environmental issue is manageable, but the cost of finding out is high enough that a buyer walks away before an assessment is ever ordered.

The Memphis Brownfield Coalition Summit educated attendees on both the problem and the solution. EDGE was honored to participate.

Who was in the room
The summit brought together EDGE, the City of Memphis and Shelby County Community Redevelopment Agency, NJIT Technical Assistance to Brownfield Communities, the Tennessee Department of Environment and Conservation, the Tennessee Department of Economic and Community Development, The Works, Inc., MidSouth Development District, and Grow America.

Municipal leaders, developers, lenders, community members, and educators came together to join in on the conversation. This was a key part of the Summit’s approach, because Brownfield redevelopment stalls when the people who own the property, the people who can finance the cleanup, and the people who regulate it aren’t involved in the same conversations.

What was covered
The morning started with brownfield basics and quarterly coalition updates, followed by a Placemaker session on how these sites affect the neighborhoods around them.

The afternoon focused on funding, because that is usually where these projects succeed or fail. Alexandra Milan of NJIT TAB walked through remediation costs and how to stack capital from multiple sources. Debbie Clabo and Kayla Hampton of the Tennessee Department of Economic and Community Development covered state funding and tax incentives. Patricia Santa Cruz of Grow America and Jessica Aytchan of EDGE presented on revolving loan funds, including a case study and an update on the EDGE Revolving Loan Fund.

The day closed with an interactive capital stacking exercise, which put attendees through the actual work of assembling funding for a hypothetical site rather than just hearing about it.

The EDGE Revolving Loan Fund
EDGE administers a Brownfield Revolving Loan Fund supported by a $1 million EPA grant. The fund helps cover the assessment and cleanup costs that keep otherwise viable properties off the market, and approximately $948,000 remains available.

If you are a developer, property owner, or lender looking at a site with environmental questions attached, the fund exists for exactly that situation.

Why this work matters
Brownfields tend to be concentrated in the neighborhoods that have already absorbed the most disinvestment. Returning those properties to productive use puts land back on the tax rolls, removes a health and safety concern, and signals to the next investor that the block is worth a second look. None of it happens quickly, and none of it happens through one organization acting alone. Thank you to the Memphis Brownfield Coalition for convening this group.