Can a local government purchase property for brownfield redevelopment?
Yes, local governments around Illinois have negotiated with property owners to buy their property with the intent to clean it up and prepare the property for redevelopment. If a site assessment has been conducted and the city and the owner are both aware of the environmental condition of the property, the parties will usually consider the cost of cleanup in negotiating a price for the property. Sometimes as part of a negotiated sale, the city and the owner may make agreements regarding any contamination and site cleanup. The city may, for example, agree to take responsibility for the cleanup if the owner donates the property to the city for free.
Related Questions
- Redevelopment Relocation: In the event of property purchase, does the Redevelopment Agency provide assistance for business or residential relocation?
- What City-owned brownfield properties are available for purchase and redevelopment?
- Can a local government purchase property for brownfield redevelopment?
