What are the benefits of brownfield redevelopment to property owners?
In addition to providing benefits to surrounding communities, property owners who clean up and reuse their brownfield properties may benefit directly by: Avoiding potential environmental enforcement actions by federal, state, and local regulatory agencies that could impose penalties and costly cleanups; Receiving tax benefits for cleaning up and reusing the property; Reducing the likelihood that contamination from the property will migrate off-site or into the groundwater under the site, thereby limiting liability for, and long-term costs of, cleaning up the property; Creating goodwill within the community; Reducing the potential need to address liabilities associated with the property in financial statements and Securities and Exchange Commission filings; and Realizing an enhanced return from the property by making it more valuable and marketable.
