2002 Section 108 Project Summary - Indiana

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REDEVELOPMENT OF FORMER STEEL SLAG HEAP, VACANT DOWNTOWN PROPERTY, TO RESULT IN 900 NEW JOBS
Hammond IN West Point Industrial Park/Downtown Dev./ Empowerment Zone $6,500,000

Section 108 will enable the City of Hammond to redevelop a brownfield site and a vacant downtown lot. The City will receive $6,500,000 in Section 108 loan guarantee assistance to finance this project. The total project cost is $24,330,523. The redevelopment of the two sites is expected to create 900 permanent jobs, principally for low- and moderate-income persons.

1. West Point Plaza Industrial Park. Hammond has designated the West Point Plaza Industrial Park as a pilot site for brownfields redevelopment. The site, previously used for as a steel slag dump, will become a light to heavy manufacturing park. The City will use $3,000,000 in Section 108 funds toward site preparation, construction, reconstruction, and/or installation of public improvements, utilities and facilities. Total cost of the redevelopment is $7,228,842.

Downtown Development. Hammond will use $3,500,000 in Section 108 proceeds to redevelop a downtown site as the location for a new 15,000 sq. ft. drugstore and a 60,100 sq. ft. office building. The City will use the funds for acquisition, demolition, and site preparation and will restore contaminated land to a condition suitable for development, while also eliminating liability for the health and safety of Hammond residents. Total cost of the redevelopment is $17,101,681.