[CPEO-BIF] The Dillon office tower, Raleigh, North Carolina

[Lenny Siegel <lsiegel@cpeo.org>]

>From polluted property to 17-story building, with help from state program

By Richard Stradling
Raleigh News & Observer (NC)
December 14, 2016

RALEIGH - A lot of ingredients go into the creation of a 17-story office building, but state officials and representatives of Kane Realty gathered outside the construction site of The Dillon on Wednesday to celebrate just one of them: a state environmental program.

The Brownfields Program allows developers to clean up a polluted property just enough to be safe for its future use, rather than make it pristine. The program limits their liability for pollution that remains, giving lenders the confidence to get behind their projects. It also provides property tax credits that often make financing the redevelopment of derelict properties possible.

The Dillon, on the west side of downtown Raleigh, is one of 400 development projects statewide to get started with the help of the Brownfields Program over the past 19 years. State officials marked The Dillon milestone across the street inside CAM, the Contemporary Art Museum of Raleigh, itself a Brownfields Project. Wednesday’s celebration was against the backdrop of workers putting up what will be The Dillon’s 1,000-space parking deck.

...

For the entire article, see
http://www.newsobserver.com/news/business/real-estate-news/article120856513.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/Fax: 650/961-8918 
<lsiegel@cpeo.org>
http://www.cpeo.org

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