Chicago has come up with a program to eliminate the contamination-suit risks banks face in redeveloping long-abandoned sites.

The Windy City's "model lending package" spells out the steps banks can take, in cooperation with borrowers, to avoid liability for contaminated sites. The plan was devised by the Brownfields Forum, a committee created by Chicago Mayor Richard M. Daley, to entice banks to lend on abandoned industrial sites, or "brownfields."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.