Brownfields Redevelopment Incentives

Northeast States Renewable Energy ConferenceJune 25, 2008

Catherine Finneran, MassDEP

Brownfields and Renewable Energy

Focus of Presentation

• Maine• Vermont• New

Hampshire• Massachusetts

• Rhode Island• Connecticut• New York • New Jersey

State Financial Incentives

• Assessment and Remediation Funding Programs:– CT Urban Sites Remedial Action Program – MA Brownfields Redevelopment Fund– NJ Hazardous Discharge Site Remediation Fund

• EPA Funding:– Cleanup Revolving Loan Funds (CT, NH, RI)– 128a Funds

Tax Incentives• Tax Credit/Rebate Programs

– Assessment and Remediation Costs (MA, NJ, NY, CT)– Other Investment Costs (NY, CT)

• Other Tax Incentives– Historic Tax Credits – Low Income Housing Tax Credits– Mill Building Tax Credits (RI)– Downtown Rehabilitation Projects (VT)

MassInnovation, Fitchburg MA

Photo Courtesy of MassInnovation

Photo Courtesy of MassInnovation

Liability Protection

• Under Cleanup Statutes– Maine– Massachusetts– Connecticut

• Covenant Not to Sue Programs– At Completion of Cleanup (NH, RI, NY, NJ)– Before Cleanup is Complete (CT, MA)

Forbes Lithograph, Chelsea MA

Photo Courtesy of Forbes Park, LLC

Forbes Park, Chelsea MA

Photo Courtesy of Forbes Park, LLC

Environmental Insurance• Types of Coverage:

– Pollution Legal Liability– Cleanup Cost Cap– Secured Creditor

• State Programs:– MA Brownfields Access to Capital Program– NY Environmental Remediation Insurance Credit – CT Special Contaminated Property Remediation and

Insurance Fund (SCPRIF)– CT Manufacturing Assistance Act

Moving Forward

• Refinements to State Programs – Cleanup Programs– Brownfields Programs

• New Initiatives– Expedited Permitting– Responsible/Smart Growth – Expanded Interagency Teams

Catherine Finneran, Brownfields CoordinatorMassachusetts Department of Environmental

Protection (MassDEP)Catherine.finneran@state.ma.us

(617) 556-1138http://www.mass.gov/dep/cleanup/brownfie.htm