2007 CPEO Brownfields List Archive

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





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