A new program being launched jointly by the City of Chicago and Cook County can financially assist developers and investors of commercial real estate in the environmental assessment, testing and remediation of industrial sites in select areas.
According to a recent press release, the Industrial Growth Zone program is designed to address two primary impediments to redevelopment: environmental conditions of vacant and/or unused land; and the “often-complex” governmental regulations associated with mitigating and/or remediating contaminated sites.
Monies are available for various activities through the program. Firstly, eligible participants are entitled to receive up to $5,000 to conduct an updated Phase I Environmental Site Assessment. Further, up to $25,000 in 50/50 matching funds are available for Phase II subsurface investigation activities, including soil and groundwater testing. In the event active remediation is required to address identified impacts, qualified landowners are entitled to receive up to $100,000 in 50/50 matching funds for clean-up costs.
In addition to several South Suburban communities, this three-year pilot program is targeting the Northwest, Greater Southwest, Burnside and Calumet Industrial Corridors, as well as the Roosevelt/Cicero Redevelopment Area of the city. Partnering with the city and county are the Civic Consulting Alliance, World Business Chicago and the Zeno Group.
To see if your site is currently eligible for these benefits, please use the handy interactive map at http://www.growthzones.com. If you have any questions about the Industrial Growth Zone program and how it may benefit a prospective project of yours, please give us a call at (773) 722-9200. We at Pioneer are monitoring the genesis of the program closely, with an eye on how it may benefit our clients in the targeted areas.
