A new advisory opinion was recently posted to the website of the NYS Department of Taxation and Finance detailing the operation of the Brownfield Tax Credit Program ("BTCP"). This opinion concludes that mixed-use buildings with more than 50% of the square footage used for manufacturing activities will qualify for a higher BTCP cap.

The city has received a $250,000 state grant to remove toxic materials from the vacant downtown Corcoran Supply Company property, which officials say is the first step toward redeveloping the property into downtown housing.

Governor Ned Lamont announced that the State Bond Commission has voted to approve $3.77 million for the next phase of Bridgeport's Cherry Street Lofts brownfield cleanup project. Investigation, remediation, and abatement of contaminants from the environment is critical for Phase III of the project's development.

The voluminous tax-break bill would update economic-development incentive programs that were allowed to expire more than a year ago and also enact several new programs to encourage things like historic preservation and brownfield remediation.

If granted, the designation means the property cleanup will be done under the jurisdiction of the county's Environmental Protection Commission, rather than the state Department of Environmental Protection. The brownfield label also carries a tax credit for Ace Golf to help reduce the remediation cost.

In the 1980s and 1990s, Warwick was a hot place for baseball, attracting scouts from major league teams, and Sean Rainey thinks news of a $419,000 Brownfields cleanup grant of the landfill there may be the start of a comeback.

Governor Gina M. Raimondo and the Department of Environmental Management (DEM) announced the award of $3.26 million in matching grants under the Brownfields Remediation and Economic Development Fund. Thirteen projects across seven cities and towns will receive funding, made possible by the 2018 Green Economy Bond.

The $3.3 million in brownfield tax credits were granted to Missouri-based NorthPoint Development which plans to target a new 684,000-square-foot facility toward automotive suppliers and advanced manufacturing and logistics, officials said. Tenants have not been named.

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern

>>> VIEW MORE BROWNFIELD RESOURCES