Finding Creative Solutions to Redevelopment Challenges



Previously this year, New York State established a brownfield redevelopment strategy. The objective of the strategy was to encourage the development of budget-friendly real estate. Others and developers were provided grants, tax rewards and other forms of financial help for the tidy up, clearing and building of brownfield home. Quickly thereafter, the Iowa State Senate passed a similar expense developing a redevelopment tax program for brownfield and greyfield sites in that state.

The cost of cleaning brownfield sites can be so high as to avoid them from being developed at all. As an outcome, the damaging impurities stay in the environment, posturing health threats while the deserted home all at once prevents the area's economic development.

The redevelopment of greyfields typically costs less because there are no dangerous impurities to dispose of. In addition, the existing facilities (including plumbing and electrical wiring) can in fact minimize the cost of development.

A revitalization plan released by the U.S. Department of Real Estate and Urban Development (HUD) in 2005 recommended greyfields as practical development opportunities because of their often-close distance to primary traffic arteries and public gathering places like sports complexes.

In 2002, President Bush signed into law the Small Business Liability Relief and Brownfields Revitalization Act, which allocated more financing for the clean-up and development of brownfield websites. Because greyfields posture no genuine environmental or health threats, there is little federal financing assigned specifically for their development.

Iowa's just recently passed legislation makes it possible for the state's Department of Economic Development to apply up to $5 million of its allocated redevelopment tax credits for both brownfield and greyfield sites. A minimum 24 percent credit is offered for brownfield websites, and is increased to 30 percent for green advancements. With this brand-new law in place, more cash is now readily available for contractors and financiers ready to explore development possibilities on home deemed brownfield or greyfield.

Lawmakers hope the brand-new provision offers reward for designers to use old uninhabited shopping malls and industrial websites, which are plentiful, instead of looking for to build on previously unused land. Other states are thinking about similar legislation as they search for imaginative ways to motivate development while keep costs as low as possible.


Soon afterwards, the Iowa State Senate passed a similar expense developing a redevelopment tax program for brownfield and greyfield sites in that state.

Iowa's just recently passed legislation makes it possible for the state's Department of Mayfair Collection by Oxley Economic Development to apply up to $5 million of its designated redevelopment tax credits for both brownfield and greyfield sites. A minimum 24 percent credit is offered for brownfield websites, and is increased to 30 percent for green developments. With this new law in location, more money is now offered for investors and home builders willing to explore development possibilities on home deemed brownfield or greyfield.

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