Overview of New York State Brownfield Cleanup …...Overview of New York State Brownfield Cleanup...
Transcript of Overview of New York State Brownfield Cleanup …...Overview of New York State Brownfield Cleanup...
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Overview of New York State Brownfield Cleanup Program
AmyE.Fisk,AICP,SeniorPlannerNiagaraCountyDepartmentofEconomicDevelopment
PresentationtoNiagaraCountyLegislature
January20,2015
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Abrownfieldsiteisanyrealproperty,theredevelopmentorreuseofwhichmaybecomplicatedbythepresenceorpotentialpresenceofacontaminant.Acontaminantmaybehazardouswasteand/orpetroleum.
Whatisabrownfield?
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• CreatedbyNYSin2003andamendedin2008toencourageandincentivizeprivatesectorremediationanddevelopmentofcontaminatedsiteswhilereducingdevelopmentpressureonvacantruralproperties.
• ProvidestaxincentivesandliabilityprotectionsforsitesremediatedtoNYSstandardsunderNYSoversight.
• Undercurrentlaw,taxcreditsareonlyavailableifremediationiscompletedandaCertificateofCompletion(COC)fromNYSisissuedbeforeDecember31,2015.
NYSBrownfieldCleanupProgram
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NYSBrownfieldRedevelopmentTaxCredits
Sitepreparationandgroundwaterremediationtaxcredits• Rangesfrom22%ofthecostsforcleanuptoindustriallevelsto50%ofthecostsforcleanuptounrestrictedlevels.
Tangiblepropertycreditsrangefrom10%‐24%ofthecostsofbuildingsandimprovements.
• Non‐manufacturingprojectcap– Lesserof$35millionor3xsitepreparationandgroundwaterremediationcosts.
• Manufacturingprojectcap– Lesserof$45millionor6xsitepreparationandon‐sitegroundwaterremediationcosts.
Creditsarerefundableandtransferrabletonewowners.
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BrownfieldInvestments
Forevery$1inbrownfieldcleanuptaxcreditsgranted,$10inprivateinvestmentfollowed
TenprojectsinNiagaraCountyhavebeenissuedCertificatesofCompletionfromNYSresultinginaninvestmentof$590millionandthecreationof969newjobs.
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GreenpacMill,NiagaraFalls
• Locatedat4400RoyalAvenueintheCityofNiagaraFalls
• Remediationcompletedin2012
• $430millioninvestmentfortheconstructionofanewpapermillthatmanufacturesalightweightlinerboard,madewith100%recycledfibers
• 105newjobscreated
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RemingtonLofts,NorthTonawanda
• LocatedindowntownNorthTonawandaalongtheErieCanal
• Formerlymanufacturedwoodencarouselhorsesandtypewriters
• $25millioninvestmentformixed‐usedevelopment
• 100newjobscreated
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BasilToyota,TownofLockport
• Locatedat6157SouthTransitRoadintheTownofLockport
• Remediationcompletedin2011
• $4.7millioninvestmentfornewBasilToyotadealership
• 10newjobscreated
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FiveprojectsinBCPthathavenotreceivedCOC:1.710NiagaraStreet,NiagaraFalls2.Rail‐to‐TruckIntermodalFacility,13947th Street,NiagaraFalls
3.MerraniHospitality,402and403BuffaloAvenue,NiagaraFalls
4.600RiverRoad,NorthTonawanda5.31WebsterStreet,NorthTonawanda
Representsaproposed$54millioninvestmentandcreationof109newjobs
OngoingProjectsinNYSBCP
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• NYSneedstoextendtheBCPforatleast10yearstoprovidethecertaintyneededtoplanandreducerisktodevelopers.
• NYSneedstoconsiderreformstotheBCPtotargetincentivestoprojectsthattrulyneedhelp.
• ExtensionoftheBCPmusthappenin2015orelseexistingprojectsinNiagaraCountymaybeinjeopardy.
NYSActionRequired
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ContactInformation
AmyE.Fisk,AICP,SeniorPlannerNiagaraCountyDepartmentofEconomicDevelopmentPresident,NiagaraCountyBrownfieldDevelopmentCorporationPhone:(716)278‐8750Email:[email protected]
THANKYOU!