Download - Brownfields Redevelopment Incentives
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Brownfields Redevelopment Incentives
Northeast States Renewable Energy ConferenceJune 25, 2008
Catherine Finneran, MassDEP
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Brownfields and Renewable Energy
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Focus of Presentation
• Maine• Vermont• New
Hampshire• Massachusetts
• Rhode Island• Connecticut• New York • New Jersey
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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
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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)
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MassInnovation, Fitchburg MA
Photo Courtesy of MassInnovation
Photo Courtesy of MassInnovation
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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)
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Forbes Lithograph, Chelsea MA
Photo Courtesy of Forbes Park, LLC
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Forbes Park, Chelsea MA
Photo Courtesy of Forbes Park, LLC
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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
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Moving Forward
• Refinements to State Programs – Cleanup Programs– Brownfields Programs
• New Initiatives– Expedited Permitting– Responsible/Smart Growth – Expanded Interagency Teams
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Catherine Finneran, Brownfields CoordinatorMassachusetts Department of Environmental
Protection (MassDEP)[email protected]
(617) 556-1138http://www.mass.gov/dep/cleanup/brownfie.htm