TRENTON, N.J. (September 1, 2022) – Today, the New Jersey Economic Development Authority (NJEDA) released information on the Brownfields Redevelopment Incentive (BRI) Program for public feedback. Established by the New Jersey Economic Recovery Act of 2020 (ERA), the Brownfields Redevelopment Incentive Program is a $300 million tax credit program designed to compensate developers of redevelopment projects located on brownfield sites for remediation costs.
The Brownfields Redevelopment Incentive Program covers specific costs associated with brownfield remediation and redevelopment., including the investigation and remediation of environmental contamination, as well as building and structural remediation activities.
The program, which provides $300 million in incentive funding over six years, focuses on brownfield redevelopment as an integral part of community development. Awards of up to 50 percent of remediation costs are available for eligible brownfield sites, up to a maximum of $4 million. Brownfield sites in a Government Restricted Municipality or Qualified Incentive Tract may be eligible for up to 60 percent of rehabilitation costs, up to a maximum of $8 million. Awards are scored on a competitive basis.
Members of the public are encouraged to review the preliminary information and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the proposed information.
“The Brownfields Redevelopment Incentive is part of a suite of programs created under the ERA that sets a high bar for equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “Input from community stakeholders will help to ensure the BRI advances Governor Phil Murphy’s and the NJ State Legislature’s vision for incentivizing projects that turn vacant and contaminated sites into vibrant economic assets, with a continued focused on community development.”
Tax credits will be awarded through a competitive application process to ensure the best projects receive State support. The NJEDA will partner with the NJ Department of Environmental Protection (NJDEP) to create evaluation criteria for a competitive application process. To receive tax credits through the program, the developer must demonstrate that a financing gap exists. Parties that are in any way responsible or liable for the site contamination are not eligible for the program.
The BRI Proposed Information is available now for review here.
Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:
Members of the media interested in attending the session or submitting questions are asked to email firstname.lastname@example.org.
To provide feedback on the BRI Program online click here.
In addition to the Brownfields Redevelopment Incentive, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and historic property reinvestment; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
Article Courtesy of the NJEDA