[CPEO-BIF] Minnesota funding

[Lenny Siegel <lsiegel@cpeo.org>]

Brownfield development efforts set to lose key revenue source
Developers plan to push the Legislature to reinstate the  
environmental mortgage fees.

by DON JACOBSON
Minneapolis Star Tribune (MN)
August 2, 2012

Those involved in the cleanup and return of polluted "brownfields" to  
productive use say they're preparing for the loss of a key tax  
revenue stream that has been used to pry loose millions of dollars  
for private investment in contaminated urban sites.

But they are vowing to fight at the next state Legislature for its  
reinstatement, calling it a boon for metro-area cities as employers  
and multifamily housing developers are increasingly seeking  
convenient sites for their new buildings.

The tools consist of "environmental response funds" (ERF)  
administered by Hennepin and Ramsey counties. Since 2001, the money  
has come from mortgage registry and deed fees paid by buyers when  
properties are transferred or sold within the counties, amounting to  
0.01 percent of the property's assessed value -- about $15 for a  
$150,000 transaction.
...

For the entire article, see
http://www.startribune.com/business/164800656.html

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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