The amendments to the New York State Brownfield Cleanup Program (BCP) became effective on July 1st—that is except for two key tax credit eligibility criteria for properties located in New York City. Moreover, the rollout of an important alternative to the BCP will be delayed until 2016. As regular readers of this blog are aware, […]
Amended BCP Becomes Effective but Not Fully Operational For NYC Sites Read More »
Environmental issues can be particularly vexing for small real estate development projects. A $200K-$300K cleanup may just be a rounding error for a $100MM project but could jeopardize the financial viability of a $5MM or even $10mm project. In most cases, the lender for a small project will hold back 125% to 150% of the
NYSDEC has released its proposed its “affordable housing project” and “underutilized” definitions that were required by the Brownfield Cleanup Program (BCP) amendments. These definitions, along with the other criteria for eligibility for tangible property tax credits (the site’s location in an EnZone or the site meeting the statutory definition of “upside down”), will be used
NYSDEC Proposes BCP “Underutilized” and “Affordable Housing Project” Definitions Read More »
As we previously discussed, Governor Andrew Cuomo and the Legislature reached an agreement on sweeping reforms to the Brownfield Cleanup Program (BCP) as part of the 2015-16 state budget. Among the significant changes which are scheduled to take effect on July 1st are that sites located in New York City will no longer be eligible
NYSDEC Swamped With BCP Applications Seeking to Beat Changes to Tax Credits Read More »
A two-year effort to extend the state Brownfield Cleanup Program (BCP) reached fruition when Governor Andrew Cuomo and both houses of the Legislature struck a deal on sweeping reforms to the BCP. The legislation may be viewed here. The compromise addressed the concerns about the costs of the BCP but limited some of the more draconian
Deal Reached on Sweeping BCP Reforms Read More »
The New York Brownfield Cleanup Program (BCP) is known for producing robust cleanups. One reason is the stringent cleanup standards of 6 NYCRR Part 375 but another is the BCP tax credits that reward applicants who achieve track 1 unrestricted cleanups. Applicants that achieve unrestricted (track 1) cleanups are entitled to claim 50% of their
Expiration of BCP Tax Credits Could Lead to Surge in “Pave and Wave” Cleanups Read More »
Following the failure of the Legislature and Governor to reach agreement on comprehensive reform of the Brownfield Cleanup Program (BCP), the Brownfield Task Force (BTF) of the New York State Bar Association, which I co-chair with David Freeman, convened a cross-section of stakeholders to study the BCP. After a series of meetings and conference calls,
NYSBA Brownfield Task Force Issues Report Recommending Changes to Brownfield Program Read More »
Governor Andrew Cuomo unveiled his 2015-16 budget on January 21st. As anticipated, the budget contains sweeping reforms to the Brownfield Cleanup Program (BCP) in Part R of the Revenue Article VII Legislation. The BCP amendments are substantially similar to the changes proposed in 2014 which some tweaking around the margins. Click here for a copy of
Governor Cuomo Proposes BCP Reform: Déjà vu all over again? Read More »
We reported two weeks ago that the bill to extend the brownfield cleanup program (BCP) that had been passed back in June had finally been sent to the governor. The BCP tax credits are scheduled to expire at the end of 2015 and the legislation would have extended the tax credits to March 31, 2017 to give
Governor Cuomo Vetoes BCP Extension Bill Read More »
Under New York’s unique form of democracy, bills that are passed by the legislature are held at the Assembly until the Governor calls for the bill. Once the Governor receives a bill, he has ten days to sign the bill. As we previously posted, the legislature passed a bill back in June that would have
BCP Extension Bill Sent to Governor For Signature Read More »