Industrial and commercial facilitiesprovide great economic benefit to communities throughout theworld. Unfortunately, many industries use or have usedpractices and materials which have proven toxic to theenvironment and to those who live and work near contaminatedsites. The definition and degree of contamination varies atnational and regional levels of government, but leadersthroughout the world now recognize the hazard thatcontaminated industrial and service sites present to thewellbeing of their communities and seek innovative ways tofinance the remediation of these challenging sites.Industrial contamination can have a severe, direct impact onadjacent communities. The cleanup and redevelopment of aso-calledbrownfieldcanimprove a community s economy,provide an opportunity for habitat restoration, and createpublic space.Cleanup and redevelopment of brownfields canbe an effective economic development strategy, with benefitsseen in two timeframes. First, there is an immediate andone-time capital expenditure for cleanup activities,infrastructure, and construction. The initial investmentgenerates tax revenues, temporary family-wage jobs, andindirect economic benefits within the community. Secondly,there is a long-term economic impact from remediationprojects in the form of higher property values, long-termtax revenues, and the attraction of external capital to thecommunity by tenants of the revitalized property.Theeconomic benefit of contaminated site redevelopment isperhaps most clearly illustrated by permanent job creationfrom the restored properties.The deleterious effects ofindustrial contamination across all facets of a communitytypically provide a strong incentive for leaders to seekfinancing mechanisms that make site remediation possible.
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