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ICSC recently published the ICSC Brownfields Toolkit as a resource for developers seeking or considering the redevelopment of brownfield sites.
The toolkit provides an overview of the brownfield and voluntary cleanup programs available in each state, which are designed to increase the number of usable sites by streamlining the cleanup process and ensuring compliance with existing environmental regulations. The document also summarizes the key issues to consider when evaluating potential redevelopment projects involving contaminated properties.
The ICSC Brownfields Toolkit was unveiled at ICSC@NEW ENGLAND during the session, “Site Redevelopment: New England Brownfield Success Stories,” where regional developers and experts discussed how they have partnered with states, municipalities, community groups and the U.S. Environmental Protection Agency on the successful redevelopment of dozens of brownfield sites that are now in active use.
The redevelopment and cleanup of brownfield sites provide a unique opportunity for communities to meet economic development goals, environmental protection and sustainability benchmarks, and help achieve local comprehensive plan visions and objectives. Buyers, sellers, and lenders are now being provided with greater certainty about future liability and cleanup costs, as well as financial incentives to invest in brownfields.
Financial and regulatory incentives exist for municipalities and private developers to encourage voluntary cleanup and redevelopment of sites. In many cases, these incentives include grants, loans, tax increment financing and free environmental site assessments to facilitate the redevelopment of brownfield properties.
For more information, contact Abby Jagoda at ajagoda@icsc.com.