LOUISVILLE (June 10, 2011) – Louisville’s efforts to reposition the Park Hill Industrial Corridor to attract a new generation of innovative businesses received a boost thanks to $900,000 in federal funds Mayor Greg Fischer and Congressman John Yarmuth announced today.

Two brownfield assessment grants and additional revolving loan funds the city is receiving will help continue clean-up work in the Park Hill Corridor in west Louisville. The corridor was once home to manufacturing and industrial operations that have since moved, taking with them many jobs and leaving behind vacant and underused sites with unknown environmental conditions.

“These funds will allow us to bring this important section of our city back to full life, creating new jobs, much healthier neighborhoods and improving the quality of life for its citizens,” Fischer said.

“This federal investment in our community will go directly toward putting the Park Hill corridor back in business by helping renew blighted properties for development and creating jobs where they are needed now,” said Congressman Yarmuth.

The funding is from the U.S. Environmental Protection Agency through its Brownfields Program.

Despite its attractive location near downtown and accessible infrastructure, according to local businesses, the Park Hill Corridor area is one of the most distressed in the region containing high unemployment rates, low median household incomes and a concentration of underutilized sites. The additional funding through these grants will help remove the barriers to brownfield redevelopment, and will serve as a catalyst for the area’s economic revitalization.    

EPA brownfield funding will help attract private investment by offsetting upfront expenses associated with required environmental assessments and clean-up. Funds also will be used toward an area-wide plan for the 18^th Street commercial corridor that borders the industrial area.