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National Grid's Brownfield Redevelopment Assistance Program

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A presentation of the features and benefits of National Grid\'s Brownfield Redevelopment Assistance Program made to Pyramid Brokerage Company\'s NYS sales force in 2006

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National Grid's Brownfield Redevelopment Assistance Program

  1. 1. Developing Opportunities with Distressed and Environmentally Challenged Real Estate Joseph D. Russo Principal Economic Development Representative National Grid George W. Lee, Jr. Impaired Asset Services Group NAI Pyramid Brokerage Company 8/28/2006 National Grid Transco 1
  2. 2. National Grid’s Brownfield Redevelopment Assistance Program 8/28/2006 National Grid Transco 2
  3. 3. Program Summary The BRAP provides grants to fund activities that lead to the redevelopment of Brownfield sites. Eligible activities include: • Electric & gas infrastructure improvements • Demolition • Local match for the NYS-DEC’s Environmental Restoration Program and the Brownfield Opportunity Area Program 8/28/2006 National Grid Transco 3
  4. 4. Minimum Program Requirements To be eligible the applicant must be: • A municipality or it’s authorized development corporation (e.g. IDA, LDC) • A 501 (c)3 or 501 (c)6 not-for-profit corporation working in partnership with a municipality or it’s authorized development corporation; • Be the owner/developer of the eligible property, with the endorsement of the host municipality. 8/28/2006 National Grid Transco 4
  5. 5. Minimum Program Requirements To be eligible the project must: • Receive electric or gas service from National Grid; • Have existing electric or gas infrastructure that is clearly a barrier to attracting commercial or industrial investment to the property; • Have a viable commercial or industrial end-use strategy for the property 8/28/2006 National Grid Transco 5
  6. 6. Funding Guidelines • Established annually by National Grid, with approval by the NYS Department of Public Service, in consultation with Empire State Development; • Grants are available continuously – there are no funding rounds; • Successful applicants execute a funding agreement with National Grid; • Funds are released after all program requirements are met and all work is done. Grants should be viewed by the applicant as reimbursement for work done and paid for, following approval of the application and grant award; 8/28/2006 National Grid Transco 6
  7. 7. Funding Guidelines • Maximum grant allowable for a project is $200,000 per annum, per property; • Eligible applicants may apply for a grant for a new project at the same property in subsequent years, but no applicant may receive more than $300,000 in funding per property; • Program funds are capped at 10% of the total redevelopment costs for the property; • If National Grid funds are to be used as matching funds for other grant applications, National Grid may, based on the strength of the application, commit funds contingent on other funding approvals. 8/28/2006 National Grid Transco 7
  8. 8. Examples of Projects Funded Buffalo Lakeside Commerce Park – grants to Buffalo Urban Development Corp. and Certainteed Corp. that supported redevelopment of a 70 acre former Union Ship Canal site. Phase II is underway to develop an additional 20 acres. The Syracuse Center of Excellence Building – a grant is funding a portion of the cost to build a “clean trench” through an area of hazardous material. 8/28/2006 National Grid Transco 8
  9. 9. Examples of Projects Funded Redevelopment of the former Goldbas and Washington Court public housing site in Utica into the Gateway District Urban Industrial Park – grant funds covered a portion of the cost for asbestos removal and demolition. Redevelopment of the Frink America site and adjacent historic waterfront in Clayton, NY - grant funds covered a portion of the cost for asbestos removal and demolition. 8/28/2006 National Grid Transco 9

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