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 and redevelopment of a brownfield site in any municipality in Connecticut that will generate future incremental municipal 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

 Example:

1.	A developer or company seeks to remediate and redevelop a brownfields site, thereby increasing the municipal "Grand List"
2.	The project--when completed--generates additional annual property tax revenue for the municipality
3.	The municipality dedicates a portion of the incremental revenue for a determined period
4.	The developer or company receives up-front cash directly related to the cost of remediation

Contact:
Cynthia R. Petruzzello
860.258.7833

Publications:
Brownfields Overview Powerpoint

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