City pioneers cleanup loans

Hamilton plans a pioneering loan program to help redevelop former gas stations and other contaminated properties in the downtown and along the west harbourfront.

A pilot project expected to begin next spring will reimburse up to $100,000 in soil cleanup costs at an interest rate 1 per cent below prime. The money will be repaid out of ERASE brownfield redevelopment grants awarded after projects are complete.

City officials say landowners need help in advance, when banks are reluctant to get involved.