Brownfield sites refer to properties that have been contaminated by hazardous waste and pollutants, making them difficult to develop or redevelop. The Florida Brownfield Site Rehabilitation Agreement is a program designed to encourage the cleanup and redevelopment of brownfield sites across Florida. In this article, we will take a closer look at this program and its benefits.
What Is the Florida Brownfield Site Rehabilitation Agreement?
The Florida Brownfield Site Rehabilitation Agreement is a state program that provides incentives and liability protection for property owners who voluntarily clean up and redevelop contaminated brownfield sites. The program was created to accelerate the cleanup and redevelopment of brownfield sites throughout the state, helping to promote economic growth and protect public health.
Under the program, eligible property owners can enter into a Brownfield Site Rehabilitation Agreement (BSRA) with the Florida Department of Environmental Protection (FDEP). The BSRA outlines a site-specific cleanup plan and provides liability protection for the property owner, as well as tax incentives and grants to offset the cost of cleanup and redevelopment.
Benefits of the Florida Brownfield Site Rehabilitation Agreement
The Florida Brownfield Site Rehabilitation Agreement provides a range of benefits for property owners, developers, and communities. Here are some of the key benefits:
1. Liability Protection: One of the primary benefits of the BSRA is the liability protection it provides for property owners. The agreement shields owners from liability for contamination that occurred prior to their ownership of the site, as long as they follow the approved cleanup plan.
2. Tax Incentives: The program offers tax incentives to property owners who participate in the BSRA program. These incentives include a Brownfield Site Rehabilitation Tax Credit of up to $2,500 per acre for eligible cleanup and redevelopment costs, and a Sales and Use Tax Exemption for building materials used in the construction of a new facility.
3. Grants: The FDEP offers grant funding to property owners and developers to help offset the cost of brownfield site cleanup and redevelopment. These grant programs include the Brownfield Redevelopment Bonus program and the Brownfield Job Bonus program.
4. Economic Development: By encouraging the cleanup and redevelopment of brownfield sites, the program helps to create new jobs, stimulate economic growth, and enhance property values in local communities.
Conclusion
The Florida Brownfield Site Rehabilitation Agreement is an important program that provides incentives and liability protection for property owners who voluntarily clean up and redevelop contaminated brownfield sites. By promoting the cleanup and redevelopment of brownfield sites, the program helps to protect public health, stimulate economic development, and enhance property values in local communities. If you own or are interested in developing a brownfield site in Florida, it is worth exploring the benefits of the BSRA program.