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NJFuture Redevelopment Forum 2016 Sylvester

Presentation from Brownfields session

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NJFuture Redevelopment Forum 2016 Sylvester

  1. 1. New Jersey’s Brownfields Redevelopment Resources Presentation to New Jersey Future 2016 Redevelopment Forum Presented by: Michael Sylvester March 11, 2016
  2. 2. NJ’s Brownfield Redevelopment Process •Planning and Predevelopment •Development Investigation and Remediation Site Infrastructure and Improvements •Post Development INNOVATIVE|EXPERIENCED|RESPONSIVE 2
  3. 3. Public Funding For Investigation and Remediation • EPA Brownfield Assessment, Clean-up and Revolving Loan/Grants • NJ’s Hazardous Discharge Site Remediation Fund (HDSRF) NJDEP-OBR-Brownfield Development Areas (BDA’s) Up to $5MM/Year for PA/SI/RI/RA Grants $$ Available on First-Come First-Served Basis Note: 28 BDA’s, $21M current available funds, 97 pending apps totaling approx. $32M INNOVATIVE|EXPERIENCED|RESPONSIVE 3
  4. 4. Additional Funding Options For Investigation and Remediation • Brownfield and Contaminated Site Remediation Reimbursement Program • Environmental Infrastructure Trust (EIT) • Tax Credits • Fixed-Priced Cleanups Eliminates Cost Uncertainty Can Be Used To Secure Funding Provides Realistic Completion Timeline INNOVATIVE|EXPERIENCED|RESPONSIVE 4
  5. 5. Funding Options For Development, Infrastructure and Site Improvements •Economic Redevelopment and Growth (ERG) Program & GROW NJ Program •Redevelopment Area Bond (PILOTS) •Revenue Allocation District (TIFS) INNOVATIVE|EXPERIENCED|RESPONSIVE 5
  6. 6. Funding Options For Development, Infrastructure and Site Improvements •NJEDA Tax Credit Programs •Bond Financing •Loans and Guarantees •Other Tax Incentive Programs •Private Funding Options Debt Equity INNOVATIVE|EXPERIENCED|RESPONSIVE 6
  7. 7. New Jersey Brownfield Redevelopment “Think Broadly To Include Public / Private Funding As Options To Support Your Redevelopment Efforts.” INNOVATIVE|EXPERIENCED|RESPONSIVE 7
  8. 8. Paterson Great Falls National Historic Park Obtained BDA designation In 2005 • Assembled 27 targeted brownfield sites in BDA • Obtained over $5M from HDSRF to date for Investigation & Remediation Activities 8 Note: Additional funding sources include the River Walk & 2.5 acre Quarry Lawn, NJDEP Green Acres, Passaic County Open Space Fund, NPS Land & Water Conservation Grant with Possible GFNP matching funds (NPS) and EPA CERCLA for asbestos remediation.
  9. 9. Paterson Great Falls National Historic Park • 2007-2009 NJ State Park Master Plan adopted • 2009-City Received National Parks designation by Obama Administration • 2014-National Parks Welcome Center opened 9
  10. 10. Paterson Great Falls National Historic Park • 2015-Completed Mary Ellen Kramer Park • 2016-Overlook Park and ATP sites Public investment starting to create preliminary economic development activity throughout district! 10
  11. 11. Contact Information •Michael Sylvester • Executive Vice President • • (973) 560-1400 ext. 187 12 INNOVATIVE|EXPERIENCED|RESPONSIVE