[CPEO-BIF] "New York reviewing state brownfield program"

[Lenny Siegel <lsiegel@cpeo.org>]

New York reviewing state brownfield program:
Governor's changes to go into effect July 1st

Opinion by Chuck Merritt
New York Real Estate Journal
March 11, 2014

Governor Andrew Cuomo's recently released 2014 executive budget  
proposal, includes several proposed brownfield cleanup program  
changes that may significantly impact future brownfield applications  
from being approved. The new remediation regulations regarding New  
York State brownfield sites are likely coming which is being seen by  
many as a potentially enormous shift in the way developers recoup the  
costs associated with treating tainted property.

The program which was enacted in 2003 has assisted developers that  
are interested in vacant, derelict plots in which the soil and  
groundwater beneath the property has been contaminated. As buildable  
land becomes scarcer, these tainted sites are more attractive to  
potential builders. To date, the program has approved 128 sites at a  
cost of nearly $1 billion in tax credits having been granted. There  
are currently 389 additional sites already enrolled in the Brownfield  
Cleanup Program (BCP) with a potential tax-credit liability of $3.3  
billion for the state. The tangible property credit component (TPCC)  
which is one of the biggest incentives to the program has typically  
been equal to 10-24 percent of the re-development costs.

...

For the entire column, see
http://nyrej.com/70144

--

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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