Brownfield Programs and Incentives
The Syracuse Center of Excellence Headquarters Building.
Former site of the LC Smith typewriter factory, later known as Midtown Plaza.
I. Programs:
Brownfield Opportunity Area (BOA):
The City is enrolled through the NYS Department of State in the Brownfield Opportunity Area Program. The BOA program provides municipalities with assistance to revitalize areas with a high concentration of brownfields. The program has three phases: pre-nomination, nomination, and implementation. The objective of the nomination phase is to develop a plan for the study area; the objective of the implementation phase is to provide money for redevelopment, which includes environmental cleanup.
There are currently three areas under the program: Erie Boulevard East, South Salina Street and Hiawatha Boulevard. The Erie Boulevard and South Salina Street areas are completing their nomination phase; the Hiawatha Boulevard area will begin the nomination phase in summer 2011.
http://nyswaterfronts.com/grantopps_BOA.asp
II. Tax Incentives:
There are two types of tax incentives that a developer can apply for when redeveloping a brownfield property.
1. Brownfield Federal Tax Incentive
Originally signed into law in 1997 and extended through December 31, 2011, the Brownfields Tax Incentive encourages the cleanup and reuse of brownfields. Under the Brownfields Tax Incentive, environmental cleanup costs are fully deductible in the year incurred, rather than capitalized and spread over time. −The site should be used for income/production purposes.
http://www.epa.gov/brownfields/tax/index.htm
http://www.dec.ny.gov/chemical/8453.html
2. New York State Brownfield Cleanup Program (BCP)
New York State offers tax credits for cleanup and redevelopment of brownfield sites. There are additional tax credits if the site is within a BOA Area or/and an environmental area. Environmental areas are those with high concentrations of poverty and unemployment.
http://www.dec.ny.gov/chemical/8450.html
III. Related links:
1. National Grid:
National Grid, through the Brownfield Redevelopment Assistance Program, provides grants to fund utility related infrastructure improvements, demolition, and other costs that are necessary to progress the redevelopment of a brownfield site or abandoned building.
http://www.shovelready.com/documents/BROWNFIELD%20REDEVELOPMENT%20ASSISTANCE%20PROGRAM.pdf
2. Small Business Administration:
The Small Business Administration offers help to establish a business on a site after cleanup.