What Brownfields Can Do for You – How Some Developers are Spinning Environmental Contamination into Gold
December 3, 2006
Generally speaking, Brownfields are contaminated properties. Be it oil, detergents, polychlorinated biphenyls, (PCB’s,) or some other volatile organic compound, (VOC) or contaminate, a Brownfield is generally considered an environmental headache. That being the case, instead of running in the other direction as they once did, why are some developers now searching for Brownfield sites to develop?
As it turns out, the tide is slowly turning for the old mills, manufacturing plants and dumping grounds that are commonplace in post-industrial cities and towns throughout New England.
Indeed, with urban space at a premium, developers are forced to consider the reuse and redevelopment of these sites, many of which are contaminated. To offset some of the expenses associated with remediation of the environmental contamination associated with Brownfields development, the government has implemented subsidies for environmental assessment as well as cleanup. Indeed, the United States government authorizes up to $250 million annually for Brownfields grants to private developers, and Massachusetts funds up to $30 million in its dedicated Brownfields fund. …
You may read more at the link below.
by: Jeffrey I. Fialky, Esquire
October 30, 2006