Before the 1990s (remember them?), nobody wanted anything to do with our seemingly endless supply of brownfields properties. These are slightly contaminated properties, often but not always found in urban areas, and almost always abandoned or underutilized. They became national orphans, unkempt orphans at that. But, in the 1990s, a collective can-do attitude inspired many bankers, developers, and municipalities to take a closer look at these properties.

For all concerned the very good news is that unlike the hoola-hoop, this was not just a passing fad. From all indicators it appears that more and more companies and individuals will continue to gravitate towards the brownfields redevelopment market as we now enter this new century. If anything, more attention and public investment will likely be devoted to this issue.

If those interested in investment opportunities, you may want to consider brownfields. That would have been a perfectly ludicrous statement 10 years ago. And in many parts of this country that still have plenty of uncontaminated open property (call greenfields), it may still be a bad idea. In congested built up portions of the United States, where quality greenfields are hard to find or afford, brownfields are becoming more attractive to investors and developers.

Throughout this country, many municipalities have already realized substantial benefits that can be derived from redeveloping contaminated and under-utilized properties to productive uses. As a result of these success stories, the first group of communities are likely to be joined by others. Nationwide, we are seeing former industrial properties being transformed into re-newed commercial enterprises, recreational facilities, and in some cases, residential uses.

This is perhaps the biggest bulletin: some old industrial sites are being transformed into new housing. No one though this was possible ten years ago. Right now a very significant brownfields residential transformation is underway in Pittsburgh. And a major New Jersey based developer is currently marketing a large residential townhouse community which has been developed on a former industrial location. They report good sales. Nationwide, residential brownfields successes are becoming common place. And for municipalities, this translates into increased tax revenue, property value enhancement, and overall rejuvenation.

Brownfields redevelopment tools are already in place waiting to be used. Many states already have comprehensive brownfields programs. Though they differ in many respects, they generally limit the legal liability of brownfields developers and make loans and grants available for redevelopment purposes. Some programs also create tax incentives to spur redevelopment. Contact your state environmental agency and economic development agency for the details.

The federal government has also been heavily involved in restoring the nation's brownfields. With grant programs in place, the federal government has provided financial and technical assistance to numerous municipalities. Job training pilot grants are also available for municipalities involved with brownfields development, as are $500,00 revolving loan funds that are also available for cleanups.

On June 21, 1999, the EPA awarded over $11 million in grants to 57 communities nationwide for various brownfields projects. A Better America Bonds initiative, which has recently been implemented, will yield an additional $9.5 billion dollars, some of which will be made available to municipalities for brownfields projects.

In addition, HUD administers several loan and grant programs which are used to redevelop contaminated property and also to fund brownfields related training programs. Contact your regional EPA and HUD offices for the details.

It is clear that brownfields redevelopment presents substantial opportunities for municipalities and investors. Depending on the property and the nature of the contamination, the benefits may significantly outweigh the risks. It is always important that any potential downside be thoughtfully assessed and addressed.