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Brownfield financing for redevelopment of contaminated sites in New Jersey has been around over 15 years. Sites with known contamination have problems with obtaining remediation financing. There are over 8,000 "Known Contaminated Sites in New Jersey. On April 9, 2019 The New Jersey Economic Development Authority ( EDA) approved the creation of a New Brownfields Loan Program that provides low interest financing to help complete the remediation of vacant or under utilized brownfield sites allowing for these sites to be revitalized and put back on the tax roles after redevelopment. This program is part of Governor Phil Murphy's effort to drive targeted investments in underserved communities. Environmental Systems understands the logistics of securing one they low interest loans, The expanded brownfields loan program will provide low interest bridge financing to make the remediation phase of the project financially viable. The program will make financing of up to $5,000.000 available to potential brownfield site purchasers and current brownfield site owners to cover the costs associated with site remediation, assessment and remediation. Building Demolition and Lead Assessment are also included in this financing package. While the Brownfields loan will only finance the remediation aspect of the project , all projects must include a redevelopment plan for the reuse of the reuse of the remediated site.
Environmental Systems is a full service Environmental Engineering and Remediation company. A leader in Environmental Tank remediation including gas stations and remediation of heating oil tanks, Environmental Systems uses Bio - Technology microbes to drastically lower the cost of remediation and is leading environmental consultant company for oil tank remediation and gas station clean-ups. These microbes also reduce the time to remediate from years months. Environmental Systems can review documents, identify priority areas of concern that require remediation and prepare a detailed workplan highlighting costs and a time table for the project work plan. Once the scope of the contamination and remediation is completed, a Redevelopment plan can be completed along with the various supporting Documents for the EDA Loan submittal. Environmental Systems staff of LSRP's and Environmental Engineers can provide all the necessary supporting documentation required by EDA's Loan Application.