Old manufacturing sites, called "brownfields" because they suffer from real, or sometimes just perceived environmental contamination, are perfect for many new uses. But the added and uncertain costs of remediating the site make many potential projects too risky and complex for development.
That's why CBRA has developed programs that encourage brownfields redevelopment by reducing costs, eliminating environmental uncertainty and simplifying the regulatory process.
The process is straightforward: The developer, municipal officials and CBRA agree to the scope of the project and quantify the future incremental municipal property taxes that will be generated. The municipal officials and CBRA agree to the portion of those tax revenues that will be remitted to CBRA. CBRA then provides the developer with the grant, the amount of which is determined by the present value of the tax revenues remitted to CBRA.
Print This Page
