PIDC AWARDED $1.4 MILLION IN COMPETITIVE EPA FUNDING
The Environmental Protection Agency (EPA) recently awarded the Philadelphia Authority for Industrial Development (PAID) three grants totaling $1,400,000. PAID is managed by PIDC. The funds will help jump start remediation efforts within the Lower Schuylkill, a 4,100 acre industrial corridor which is currently home to 68% of the City’s vacant and under-utilized industrial land.
Two cleanup grants, totaling $400,000, will support remediation work on a 29-acre site located at 56th St. & the Schuylkill River, immediately south of historic Bartram’s Garden. The Commonwealth of Pennsylvania’s Industrial Site Reuse Program is providing an additional $1,500,000 to support cleanup efforts on this site and restore this brownfield to productive economic use. Remediation is expected to begin this summer.
PAID was one of just two recipients nationwide selected to receive $1,000,000 in EPA funding for the creation of a revolving loan fund (RLF). The RLF will target the Lower Schuylkill, providing a low-cost financing resource for eligible property owners pursuing brownfield remediation through Pennsylvania’s Act 2 process. Facilitating environmental cleanup in this historically industrial area is expected to spur new investment and re-development over the long-term.
PIDC is working closely with the William Penn Foundation, the Philadelphia City Planning Commission, the City’s Commerce Department, Penn Praxis and a broad array of business owners, communities and stakeholders on a comprehensive master plan to guide long-term redevelopment along the lower Schuylkill River.
To learn more about the Lower Schuylkill River District, please contact Kate McNamara at 215-496-8174 or firstname.lastname@example.org.