From: | bobh@np.craigslist.org |
Date: | 24 Jul 2007 13:59:19 -0000 |
Reply: | cpeo-brownfields |
Subject: | [CPEO-BIF] New Jersey BF cleanup subsidy |
The article below suggests that in New Jersey, the subsidy provided by the state's Brownfield Reimbursement Fund for cleanup will depend upon the amount of property taxes generated by a development. It is my understanding that a developer is not eligible for reimbursement of cleanup costs (up to 75%) until the anticipated tax revenues from the redevelopment project have been realized by the State in an amount sufficient to pay for the cost of reimbursement. Can any of our listserv subscribers who are familiar with the NJ program describe this subsidy more fully? Bob Hersh CPEO Slow going on cleanup; remediation continues of Unexcelled property The Cranbury Press Paul Koepp 07/20/2007 The cleanup of the site of the Unexcelled Chemical Corp. is progressing slowly, according to the company that is pursuing a redevelopment project there. The 395-acre Brick Yard Road parcel, located between Route 130 and the N.J. Turnpike, is the largest piece of unpreserved open space in the township and has been largely unused since an explosion at the Unexcelled factory in 1954, which killed two men and injured 10 others. The explosion also contaminated the site with munitions used to make napalm bombs and hand grenades during World War II. The state Department of Environmental Protection mandated a cleanup in February 2005 after Middlesex County considered purchasing the land for open space. ...Viridian Partners, a Colorado-based developer of contaminated sites, has plans to build 2.8 million square feet of warehouses on the site after its cleanup is approved by the DEP. Most of the contamination is concentrated to 85 acres on the east side of the site, but the whole parcel must be remediated. It expects to spend $12 million on the cleanup and $30 million for the entire redevelopment project. Through the Brownfields Reimbursement Fund, Viridian could be reimbursed by the state for up to 75 percent of the total remediation costs, depending on how much money the warehouses will generate in taxes. For the entire article, see: http://www.zwire.com/site/news.cfm?newsid=18610030&BRD=1091&PAG=461&dept_id=425419&rfi=6 _______________________________________________ Brownfields mailing list Brownfields@list.cpeo.org http://www.cpeo.org/mailman/listinfo/brownfields | |
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