4/9/12

Client Alert: Securing Up-Front Funds for Brownfield Redevelopment in Changing Times

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The Problem

The redevelopment of environmentally contaminated brownfield sites remains a key component to economic development activities throughout Ohio.  Remediation, however, can be expensive.  The cost associated with brownfield redevelopment is often difficult, if not impossible, to overcome, especially for the most severely contaminated sites.  In addition, the state program most often used to finance redevelopment of brownfields, the Clean Ohio Fund, is no longer accepting applications.

The Solution

Developers and local communities can take advantage of other existing state and local economic development programs to help finance brownfield redevelopment.  Those programs can provide funding for the acquisition, demolition and remediation of brownfields and could include some combination of the following:

These are just a few examples of the state and local incentives programs that could be used creatively to help finance brownfield redevelopment projects.  Vorys is well-equipped to assist with those projects. Our economic development incentives experts have structured and led incentives deals for some of the largest development projects in Ohio in the past 20 years.  In addition, our environmental law experts have counseled clients on remediation and brownfield redevelopment projects throughout Ohio.  If you feel that your company or community could benefit from the use of these or other incentives for brownfield redevelopment, please contact us.