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| Developing New Financing Products for Great Lakes Ecosystem Restoration |
| Status: |
Completed |
| Grantee: |
Northeast-Midwest Institute |
| Grant Amount: |
$593,000 |
| Award Date: |
June 16, 2006 |
| Contact: |
Richard Munson |
| Phone: |
202-544-5200 |
| E-mail: |
dickmunson@nemw.org |
| Category: |
Market Mechanisms for Environmental Improvement |
| Origination: |
General Guidelines |
This project will lead to healthier Areas of Concern (AOCs) around the Great Lakes Basin. A robust team of ecosystem and finance experts will develop and deploy finance tools to generate approximately $50 million in revenues. Ecosystem experts will work alongside public and private finance professionals to deploy tax increment financing (TIF) toward innovative, regional purpose - the clean up of contaminated sediment, the construction of wet-weather discharge controls and the restoration of wetlands. State bonding authority professionals will work with the applicant to outline a policy strategy to launch a shared regional bond vehicle. The project will also serve as a platform to engage finance experts, stakeholders and local leaders throughout the Basin in the design and deployment of innovative ecosystem restoration finance vehicles.
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