Environmental Response Fund (ERF), which is funded by a county mortgage registry and deed tax, provided communities with funding necessary to assess and clean up contaminated properties, which spurs economic growth, creates jobs, revitalizes neighborhoods and leverage private and public investment.
Since ERF was established in November 2001, nearly $45 million has been awarded for 307 grants through ERF. These grants help:
Grant-assisted projects have results in the creation or retention of approximately 9,500 jobs.
Revitalize neighborhoods and increase property values and tax revenue
Property values of completed ERF-aided projects increased more than $437 million compared to pre-assessment and cleanup values, which is an 11 to 1 return on investment. In addition, from 2003 to 2012, completed ERF-aided projects generated $64 million more in property taxes than was generated by these same properties prior to ERF involvement.
ERF funding can be the critical piece that brings redevelopment projects and businesses to vacant properties. By transforming sites from public safety nuisances into community assets, redeveloping vacant properties can reduce crime.
Leverage public and private investment
ERF has leveraged $1.7 billion in privately funded development costs.
The need for ERF continues
Hennepin County has more than 19 percent of the state’s Superfund sites, 19 percent of the state’s petroleum release sites, 41 percent of the state’s voluntary investigation and cleanup sites, and 8 percent of the state’s dump sites, totaling more than 4,300 sites of concern.