The BREWD program from the City of Madison offers loans at a two (2)% interest rate for a ten (10) year term for remediatition of contaminated sites. Properties must be
utilized as employment centers, resulting in job creation. Some no-interest loans and forgivable loan assistance is also available for projects that meet specified bonus criteria.
Funds are targeted toward projects that return employment to, and cause the redevelopment/reuse of, a property. Likely scenarios for use of these funds include the remediation of vacant property to enable the construction of new commercial/industrial building(s), or the remediation of vacant property/building(s) to allow business reuse of existing commercial/industrial structure(s) without the concern of an environmental liability. The Applicant could be the end-user of the property or a property owner desiring to sell/lease to an end-user; however, in all cases the Applicant must have a specific employment-based plan for the property to be implemented immediately following remediation of the property. Projects with no employment component on the property, or no clear plan for the future of the property, will not be eligible for BREWD funds.
The intent of this program is to use funds toward projects that will contribute toward the tax base of the community. Unless an overriding employment benefit exists, tax-exempt properties will not be eligible to receive funding.
