In a prior post, we discussed common mistakes made by applicants in the New York State Brownfield Cleanup Program (BCP) that can delay issuance of the Certificate of Completion (COC). Many of the errors involved the environmental easement package that must be completed for projects that do not achieve a Track 1 unrestricted cleanup. Earlier […]
NYSDEC Streamlines Environmental Easement Requirements Read More »
Earlier this week, Governor Cuomo sent his sweeping BCP reforms to the State Legislature. Under the state Constitution, the Governor has 30 days to make technical amendments to his budget legislation without involving the legislature. Despite vociferous complaints by brownfield developers, environmental lawyers and affordable housing advocates about the severe curtailments to the categories of projects
NY Governor Sends Revised BCP Reform Bill to Legislature Read More »
[Note: This post will be periodically updated as new information becomes available about the proposed legislative changes ] Governor Andrew Cuomo unveiled his budget legislation today. As expected, the legislation proposed sweeping changes to the state Brownfield Cleanup Program (BCP). The proposed legislation adopts the recommendations of the New York State Tax Reform and Fairness Commission
Governor Cuomo Proposes Sweeping Amendments to Brownfield Program Read More »
In 2012, New York legislature failed to meaningfully extend the sunset date for the brownfield cleanup program (BCP) tax credits. In that session, the legislature, only extended the expiration date from March 31, 2015 to December 31, 2015. Because BCP applicants must obtain certificates of completion (COC) from the NYS Department of Environmental Conservation (NYSDEC) by the BCP
NY Expects Record Number of Brownfield Cleanup Completions in 2014 Read More »
The New York State Brownfield Cleanup Program (BCP) may offer lucrative tax credits but to paraphrase the old John Houseman commercial, BCP applicants earn their tax credits the hard way. The BCP is demanding program with rigorous cleanup procedures, robust public participation and lots of documentation requirements. The complexity of the BCP is further exacerbated
1/3 of NY BCP Projects Fail to Obtain COCs in 2013 Due To Documentation Issues Read More »
As we have previously discussed, the lucrative tax credits available to parties who remediate sites under the New York State Brownfield Cleanup Program (BCP) expire on December 31, 2015. To qualify for the tax credits, BCP applicants must obtain certificates of completion (COC) from the NYS Department of Environmental Conservation (NYSDEC) by that date. The buildings on these
Key NY BCP Deadline May Be April 2014, not December 2015 Read More »
The New York State Department of Environmental Conservation (NYSDEC) recently announced that it had added approximately 1,950 sites to its Environmental Site Remediation Database Search database of sites that are subject to one of the agency’s remedial programs. The NYSDEC said it was adding these additional sites to facilitate real estate transactions and address the
NYSDEC Adds New Categories of Sites To Database To Chagrin of Some Property Owners Read More »
During the Great Recession, many brownfield sites in the lost their project financing. In New York, sites that were remediated and received a Certificate of Completion (COC) remain valuable because owners have ten years to develop the sites and claim the lucrative qualified tangible property (QTP) tax credit (explained below). As market conditions have stabilized,
NYS Tax Department Rules on Eligibility of Post-COC Costs for BCP Tax Credits Read More »
Large swaths of New York City contain fill material that may contain constituents such as heavy metals. Other soils may contain VOCs, petroleum and lead paint from demolished buildings. As a result, brownfield projects in New York City can generate large quantities of excavated soil that may have to be managed as hazardous waste. Having
NYC Developers Need to Anticipate Possible Hazardous Waste Fees Read More »
EPA and some state environmental agencies may occasionally issue “comfort letters” to facilitate a particular brownfield project to assuage concerns of developers or lenders about their potential liability. However, regulators have made it clear that they do not have the resources to review conclusions in phase 1 or phase 2 reports generated during routine real
NYC OER Issuing Comfort Letters To Facilitate Real Estate Transactions Read More »