Due to age, changes in technology, abandonment and oldoperational practices, a significant number of industrial sites arein a state of physical and economic decline or total obsolescence.The pilot program is designed to close the financial gap forprojects and encourage cleanup and redevelopment of underutilizedand obsolete sites. "The way we're going, we can offer developers acheaper, easier method to redevelop brownfields than a cornfield,"says Fred Weiss, assistant director of economic development for thecity.

He told GlobeSt.com that the city has been successful in thepast at creating new development by cleaning up old sites. Recentprojects include a $2.7 million, three-story medical facility froma vacant automotive chop shop site, a $1 million grocery storeexpansion on a former steel plant, and a $12.5 million residentialdevelopment from a 70-year-old steel plant.

He said the new program should create new job and housingopportunities, increase the property value of brownfields, returnobsolete sites to productive use and facilitate private investment.The primary target area is the industrial corridor, although sitesthroughout Dearborn are eligible for funding. The City's Economicand Community Development Department will serve as lead agency. Taxincrement financing revenues are being considered as ways to repaythe loan. Interest rates would be four percent.Weiss says the$500,000 would join potential funding sources such as Michigan SiteReclamation Grants the Michigan Brownfield Revolving Loan, MichiganSingle Business Tax incentives and private developer matchingfunds.