What are state and local agencies doing to aid Brownfields redevelopment?
Many state economic development agencies have incentive programs that focus funding on assessment, cleanup, basic construction, and infrastructure development for Brownfield sites. In some instances, these programs are designed exclusively for Brownfield applicants; in other instances, more broadly defined redevelopment funding programs give special preference or priority to Brownfield site applicants. Larger cities are also beginning to have their own Brownfield programs, including tax incentives for cleaning up Brownfields. In addition, some local governments use tax increment financing, or TIFs, to dedicate taxes to secure financing for development activities. Such programs may include Brownfields redevelopment tasks, such as site assessments. The rules for TIFs vary by jurisdiction, but generally they allow local governments to issue bonds to finance development costs in a specific area, such as site improvements or infrastructure.
