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Advantages of Brownfield Redevelopment
When reusing an existing building, all of the building's infrastructure is already in place. You don't have to pay to connect water, electricity or phone lines. Moreover, these sites already have access to the transportation infrastructure, so no new roads, rail lines or bus routes need to be created to support your project.
Many sites in need of redevelopment are located inside Enterprise Zones. Companies relocating in these zones are eligible for significant tax savings, potentially up to $15,000 per employee per year. Furthermore, qualified remediation costs can be written off. Finally, highly progressive legislation has just been passed in Rhode Island which gives developers a 30% tax credit for the rehabilitation of eligible historic buildings which, when coupled with similar federal tax credits, can mean a total credit of up to 50% (See
financial assistance
for more details and programs.)
Because these sites exist in the heart of urban areas, there is an accessible labor pool easily available.
The
Industrial Remediation and Reuse Act
protects property owners from being sued should any contaminants be discovered on site after redevelopment.
A
recent study
estimates that every brownfield acre redeveloped would have required a minimum of 4.5 acres had the same project been located in a greenfield area. Every building that is reused means one less new building is required to be built. That means rural areas can be more effectively preserved, providing better air, water, open space, and quality of life for everyone.
Many buildings in need of redevelopment were built in an age when astonishing craftsmanship and attention to detail was affordable. The intricate masonry, hardwood floors, and expansive courtyards characteristic of these sites would be very expensive if not impossible to duplicate today in a new development.
last updated: 04/03/03
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