Brownfield Redevelopment Assistance
What Does Brownfield Redevelopment Mean for a Community?
The U.S. EPA offers financial assistance to economically disadvantaged communities in need of revitalization. Many of these areas contain vacant buildings and properties that have environmental issues like asbestos, lead, or soil and groundwater contamination. A spark is needed to get these buildings refurbished or demolished so that new businesses are able to move into the area and Brownfield funding could be that spark.
Brownfield Redevelopment Boosts Local Economies
Local municipalities can use Brownfield redevelopment funds to assess environmental conditions and cleanup properties making it easier and more appealing for developers and businesses to move into an area. This not only helps protect human health and the environment, but also boosts the local economy by bringing in more jobs and raising property values.
“Studies have shown that residential property values near Brownfield redevelopment sites that are cleaned up increased between 5 and 15 percent. Data also shows that Brownfields clean ups can increase overall property values within a one-mile radius. Preliminary analysis of 48 brownfield redevelopment sites shows that an estimated $29 million to $97 million in additional tax revenue was generated for local governments in a single year after cleanup. This is two to seven times more than the $12.4 million the EPA contributed to the cleanup of these brownfields.” Source: United States Environmental Protection Agency
TKEC has extensive experience conducting assessments and investigations for local municipalities who have been granted Brownfield redevelopment funding. Please contact us if we can provide such assistance to your local community.