To provide an economic incentive for the rehabilitation and remediation of brownfield properties by providing a grant to the owner of the property to pay a portion of the local taxes (excluding education taxes) attributable to the increased assessment over a five (5) year period.
Sample Grant Calculation:
Year of Increased Assessment Value | Grant as a Percentage of the Year One of the Municipal Portion on Increased Assessment Value |
Year 1 | 100% |
Year 2 | 80% |
Year 3 | 60% |
Year 4 | 40% |
Year 5 | 20% |
Year 6 | 0% |
Eligibility for Brownfield Tax Increment Grant is restricted to brownfield remediation or rehabilitation on properties. Projects must have previously conducted a Phase II ESA and show demonstrated viability of property improvement. Environmental Site Assessments (ESAs) are not eligible for funding under this grant, but may be eligible under the Environmental Remediation Grant.
The program is available to properties in any of the CIP areas, subject to all other policies of this CIP.