The Stimulus Package and Brownfields Redevelopment

On February 17, 2009, President Obama signed the $789 billion American Recovery and Reinvestment Act, known as the stimulus bill. The stimulus bill encourages state and local governments, as well as their partners in the private sector, to take advantage of this funding for brownfields redevelopment. The purpose of this bill is to stimulate the economy immediately, and this money will be allocated to qualified and interested parties soon. The time to act is now.

The stimulus bill provides several hundred million dollars in direct funding for brownfields-related efforts, including $100 million for the assessment and cleanup of brownfields, $200 million for cleanup of leaking underground storage tanks and $600 million for Superfund sites. The bill also provides indirect funding that could be used for remediation or redevelopment of brownfields in some situations. This includes $6 billion for water quality-related construction and improvement programs, $1 billion in community development block grants, and $3.2 billion for energy efficiency and reduction of carbon emissions, among others. The bill also includes billions of dollars in tax credits and government bonds.

Ice Miller LLP has experience in environmental law, real estate development, brownfields redevelopment, municipal finance and cost recovery, and we have developed a team of attorneys dedicated to exploring opportunities for brownfields redevelopment in the stimulus package. If you have any questions regarding the stimulus package and brownfields redevelopment please feel free to contact Brian Crist, Terri Czajka, Buddy Downs, Brent Huber, Tom John, Don Snemis or Kristina Tridico.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.