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Brownfields Redevelopment Incentives

Brownfields Redevelopment Incentives

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Brownfields Redevelopment Incentives

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  1. Brownfields Redevelopment Incentives Northeast States Renewable Energy Conference June 25, 2008 Catherine Finneran, MassDEP

  2. Brownfields and Renewable Energy

  3. Focus of Presentation • Maine • Vermont • New Hampshire • Massachusetts • Rhode Island • Connecticut • New York • New Jersey

  4. State Financial Incentives • Assessment and Remediation Funding Programs: • CT Urban Sites Remedial Action Program • MA Brownfields Redevelopment Fund • NJ Hazardous Discharge Site Remediation Fund • EPA Funding: • Cleanup Revolving Loan Funds (CT, NH, RI) • 128a Funds

  5. Tax Incentives • Tax Credit/Rebate Programs • Assessment and Remediation Costs (MA, NJ, NY, CT) • Other Investment Costs (NY, CT) • Other Tax Incentives • Historic Tax Credits • Low Income Housing Tax Credits • Mill Building Tax Credits (RI) • Downtown Rehabilitation Projects (VT)

  6. MassInnovation, Fitchburg MA Photo Courtesy of MassInnovation Photo Courtesy of MassInnovation

  7. Liability Protection • Under Cleanup Statutes • Maine • Massachusetts • Connecticut • Covenant Not to Sue Programs • At Completion of Cleanup (NH, RI, NY, NJ) • Before Cleanup is Complete (CT, MA)

  8. Forbes Lithograph, Chelsea MA Photo Courtesy of Forbes Park, LLC

  9. Forbes Park, Chelsea MA Photo Courtesy of Forbes Park, LLC

  10. Environmental Insurance • Types of Coverage: • Pollution Legal Liability • Cleanup Cost Cap • Secured Creditor • State Programs: • MA Brownfields Access to Capital Program • NY Environmental Remediation Insurance Credit • CT Special Contaminated Property Remediation and Insurance Fund (SCPRIF) • CT Manufacturing Assistance Act

  11. Moving Forward • Refinements to State Programs • Cleanup Programs • Brownfields Programs • New Initiatives • Expedited Permitting • Responsible/Smart Growth • Expanded Interagency Teams

  12. Catherine Finneran, Brownfields Coordinator Massachusetts Department of Environmental Protection (MassDEP) Catherine.finneran@state.ma.us (617) 556-1138 http://www.mass.gov/dep/cleanup/brownfie.htm