|From:||Lenny Siegel <firstname.lastname@example.org>|
|Date:||Tue, 11 Mar 2014 18:32:44 -0700 (PDT)|
|Subject:||[CPEO-BIF] "New York reviewing state brownfield program"|
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, 2014Governor 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 <email@example.com> http://www.cpeo.org _______________________________________________ Brownfields mailing list Brownfields@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org
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