How is a “Community Based Organization” (CBO) defined?
A CBO means a not-for-profit corporation, exempt from taxation under section 501(c)(3) of the internal revenue code whose stated mission is promoting reuse of brownfield sites within a specified geographic area in which the CBO is located. The CBO must have twenty-five percent or more of its board of directors residing in the community in such area; and represent a community with a demonstrated financial need. By statute, a CBO does not include any not-for-profit corporation that has caused or contributed to the release or threatened release of a hazardous waste or petroleum from or onto the brownfield site, or any not-for-profit corporation that generated, transported, or disposed of, or that arranged for, or caused the generation, transportation, or disposal of hazardous waste or petroleum from or onto the brownfield site.
