The following items are benefits of brownfield redevelopment:
- Eliminating health and safety hazards;
- Eliminating eyesores;
- Bringing new jobs into the community;
- Bringing new investment into the community;
- Increasing the productivity of the land;
- Increasing property values and tax receipts by local and state governments (the effects of increased property values on poor residents may, however, need to be mitigated).
As a community member interested in a brownfield it is important for you to know and be able to discuss with potential developers and property owners the benefits to them of cleaning up and reusing a site. Some of the advantages to owners and developers are:
- 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 good will from the community;
- Reducing the potential need to address liabilities associated with the property in financial statements and Securities and Exchange Commission filings;
- Realizing an enhanced return from the property by making it more valuable and marketable.