We are raising the bar for redevelopment and revitalization. Our industrial and commercial redevelopment initiatives, waterfront revitalization plans and neighborhood restoration projects will create a sustainable community that will take us into the next millennium and beyond. The program will create more than 1,700 jobs and restore more than 1,200 acres of brownfields to profitable or beneficial use. As demonstrated in Baltimore, Detroit, Dallas and other cities around the country, redevelopment of these existing resources can be vital and they key to growth. They are shining examples of how cities across America are reinventing their manufacturing centers of yesterday to become the service and information centers of today.
Businesses also benefit.
Infrastructure redevelopment allows businesses to leverage current resources for increased productivity, turn liabilities into assets, and avoid many of the critical barriers to new development. Redevelopment also helps industry to develop in preferred locations, reduce their time to market, and extend the resource life of their properties. Bank of America, for example, is a leading proponent of brownfield redevelopment and lender to businesses that redevelop brownfields. Whether all of America benefits from these redevelopment opportunities comes down to a question of leadership and creativity. A connection must be made between government responsibilities and private sector commitment and innovation.