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Illinois EPA Announces Loan to Clean Up Northwestern Steel and Wire Site
08/18/2010 - Illinois EPA Director Doug Scott and other state and local officials have announced the approval of a $1 million Illinois Brownfields Revolving Loan Fund award to the City of Sterling to mitigate asbestos contamination at the former Northwestern Steel and Wire Plant 1 site and to ready it for redevelopment.
Illinois Environmental Protection Agency Director Doug Scott and other state and local officials have announced the approval of a $1 million Illinois Brownfields Revolving Loan Fund award to the City of Sterling to mitigate asbestos contamination at the former Northwestern Steel and Wire Plant 1 site and to ready it for redevelopment.
“The City of Sterling has successfully addressed brownfield cleanup and redevelopment issues on other portions of the sprawling 730-acre Northwestern Steel and Wire site,” said Scott. “We have worked closely with the city to investigate and clean up the site, and will continue to work with Sterling as they undertake the cleanup of Plant 1, one of the remaining and possibly most challenging parcels.”
The Brownfields loan will enable the city to continue the economic revitalization of the Sterling riverfront area to create employment and investment opportunities. The city is currently developing a vision for the sustainable development of the riverfront to promote new commercial and residential uses along with green space and recreational activities.
The Illinois Brownfield Revolving Loan Fund, which is capitalized by grants to the Illinois EPA from the U.S. EPA, provides interest-free loans to municipalities with brownfield sites and that are committed to environmental cleanup. The City of Sterling has agreed to a 15-year repayment term and has committed funds anticipated from redevelopment of the site and TIF revenue.
The Sterling loan is the tenth Illinois Brownfields Revolving Loan awarded. The agency awarded a $257,000 brownfield loan to the City of Rock Falls last year for environmental cleanup activities at the former Reliant Fastener site, located across the Rock River from the former Northwester Steel and Wire Plant 1 site in Sterling. Cleanup at the former Reliant Fastener site is expected to be completed this summer.
