While #brownfield redevelopment offers many benefits, it also has its costs (including expenses related to demolition, site preparation and construction, and environmental assessment and planning) and perceived risks. Public financing not only provides monetary support for a project, but also reflects government faith in the project’s viability. As a result, some form of public financing or government-backed financial incentive can help jumpstart a brownfield reuse program and ensure that sites do not remain idle and contaminated. Tax increment financing (TIF) has emerged as one type of financing tool to close funding gaps for desirable economic and community development projects. With other state and local funding options limited, localities have increasingly turned to TIF as the primary financing incentive that is both within their control and can meet the scale
of funding needed.
MORE
Focusing on challenges, stories, and issues important to the redevelopment of Brownfields in the South . http://www.southernbrownfield.com