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COLORADO SPRINGS-Executives from locally based Brownfields Capital on Wednesday said they plan to use a "patented financing solution" to remediate and redevelop Gold Hill Mesa, a 210-acre former gold mine in Colorado Springs that has been closed for the past 57 years. It will be redeveloped into a mixed-use development.

The land is the former site of the Golden Cycle Mill, a gold and silver mill that began operations in 1906. It closed in 1949, leaving behind a mesa comprised of 14 million tons of soil infused with gold tailings. Throughout the past three decades, attempts to reprocess the tailings or redevelop the site have failed.

"Before Brownfields Capital, financing the redevelopment of a brownfield site could be even more difficult than the clean-up itself," says Robert Hadley, a principal of Gold Hill Mesa Partners, LLC, owner of the property. "As an owner of a brownfield trying to develop in accordance with our approved Voluntary Clean-Up Plan, we were challenged from every angle. Traditional bank construction capital simply wasn't available."

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