For a developer of brownfields properties, what are the benefits of obtaining a brownfields agreement?
In short, a brownfield agreement is designed to provide a tool for developers to handle environmental liability such that they can begin to look at a brownfields property as an opportunity instead of immediately walking away from it. The following are specific benefits: 1) The agreement provides strong liability protection that can be shown to a lender in order to obtain project financing; 2) The site remedies under the program are designed to prevent exposure and make the site suitable for reuse, not to meet environmental standards required of the site polluter in traditional cleanup programs. Thus they are less costly, particularly with respect to groundwater remedies; 3) since remedies are put in the agreement up-front and therefore represent known costs, a business decision can be made with much reduced uncertainty; 4) Closure for the prospective developer can be obtained in a matter of six to twelve months, which is typically much less time than for most other cleanup programs; 5)
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