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. the community task force and stakeholder groups to pursue a range of public and private funding to address these financial needs. Both Arkansas and Texas have existing programs to develop entrepreneurial and employment possibilities in their respective jurisdictions. Enterprise zones, tax abatement zones, and in Texas Tax Increment Financing are all potential funding mechanisms for brownfield development. In Texas, the Texas Capital Fund under the state Department of Economic Development could provide funding for start-up and construction. Both states make available SBA Section 504 financing, and both permit the _. - - -.. ---. - - ----use-Gf-GGmm.-wŸt.y-D0Vß-le pmoot-ßwG-k-GFant --funà-&-fer-ec-e R emie-devela-pment-ptlfPoses-. . Environmental remediation and clearance would be eligible activities under these programs. In Texas, Industrial Revenue Bonds are available for industrial projects. The Economic Development Administration's Sudden and Severe Economic Distress (SSED) program could be used to prepare a brownfields site if an end user is identified. EDA is becoming more interested in brownfields projects, and may in the future provide more funding specifically tied to brownfields. Any project undertaken in the immediate downtown area of Texarkana may also have significant private or non-profit funding sources available. Through the implementation of this pilot project, the jurisdictions in the region will be better prepared to respond to new initiatives from any of the above programs. Due to current financial constraints on local governments in the region, actual cash funding to support redevelopment may be very limited. However local government representatives have expressed their willingness to provide the necessary in-kind contributions to carry out redevelopment activities. In addition, local community groups such as the Greater Texarkana RSVP have committed the time and resources their staff and volunteer base to support redevelopment initiatives in the region. Support letters from these organizations and government representatives are included in the attachments. J. Abilitv to Manae:e Grants The Ark- Tex Council of Governments' finance department has a total of six personnel, with a combined total of 45.7 years of experience at ATCOG in the fmance department. The Director of Finance and Administration, Brenda Davis, the one that oversees the fiscal work, has been with A TCOG for 15..6 years, has been in this position for 8 years, and has the following degrees: B.B.A., M.B.A., M.S., and is a Certified Fraud Examiner. Our current accounting software is Fundware. It is a fund/grant accounting system that allows each grant or fund to balance with itself. This along with experienced staff will account for grant expenditures. Currently, our largest federal grant is through Housing and Urban Development (HUD). This year it is approximately $8.6 million: We have had this grant since the early 1970's. ATCOG oversees federal funds through the U.S. Department ofCommerce~d Small Ark- Tex Council of Government 2004 EP A Brownfields Grant Application - Hazardous Substance Page 12 I