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FINANCING BROWNFIELD REDEVELOPMENT

FINANCING BROWNFIELD REDEVELOPMENT. Autumn M. Butler October 22, 2003 References: White S., Bingham R., and Hill E., ed 2003. Financing Economic Development in the 21 st Century. New York: M.E. Sharpe,Inc. What is a brownfield?.

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FINANCING BROWNFIELD REDEVELOPMENT

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  1. FINANCING BROWNFIELD REDEVELOPMENT Autumn M. Butler October 22, 2003 References: White S., Bingham R., and Hill E., ed 2003. Financing Economic Development in the 21st Century. New York: M.E. Sharpe,Inc.

  2. What is a brownfield? • Abandoned, idled or underutilized industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived contamination”(EPA)

  3. Obvious Issues: Size or shape Location of sites Actual contamination or stigma of contamination Vast amounts of regulatory issues Financial challenge Ulterior or Non-environmental Issues: Crime Crowding Old Infrastructure High Concentrations of minorities Complications to Brownfield Redevelopment

  4. Federal Brownfields Economic Redevelopment Initiative Environmental Protection Agency Dept. of Housing and Urban Development Community Reinvestment Act Brownfields Tax Incentive Brownfield friendly legislation State and Local Direct Financial Support Public Site Reclamation Urban Service Boundaries Regulatory Relief/Liability Reduction Brownfield Redevelopment Programs

  5. Financing Techniques • Tax Incremental Financing • Off-Site Investments • Site Assembly • Insurance Coverage • Pollution liability policies • Cleanup cost cap policies • Secured creditor policies

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