Grants

About the Program

1.	Up-front TIF-based cash for developers that remediate and redevelop environmentally contaminated properties
2.	Cash incentive equal to the net present value of a portion of the future incremental municipal tax revenues generated by the project
3.	Benefits the developer/owner by:
	Providing investment capital, reducing equity/financing requirements Reducing financial, legal and regulatory risks Enhancing return on investment
4.	TIF cannot be combined with municipal real estate tax abatements

Eligibility:

1.	The remediation a brownfield site in any municipality in Connecticut that will generate future incremental property tax revenues

 Process:

1.	The municipality quantifies the annual incremental property tax revenues generated by the proposed project
2.	The municipality and CBRA jointly determine the percentage of those incremental tax revenues that will be allocated to CBRA and the repayment period
3.	CBRA provides the developer or owner with the net proceeds, which are minus CBRA's cost of issuance fees, to remediate the property

 Brownfields Overview Powerpoint

Contact:
Cynthia R. Petruzzello
860.258.7833

Applications:
Brownfields & IT Borrower - Owner/Developer Application
Brownfields & IT - Municipality Application