How should you determine the extent of soil cleanup at a proposed brownfield site? For applicants of the New York State Brownfield Cleanup Program (BCP), that decision ultimately depends on several factors, including funds available for site remediation and the intended post-cleanup use of the property.
In 2003, the New York Legislature passed the Brownfield Cleanup Program, ECL § 27-1401 et seq. The benefits of the Brownfield Cleanup Program ("BCP") are many: the developer receives a liability release from the State following DEC oversight during the cleanup of the property. The most coveted benefit, however, is a tax credit of up to 22% based not merely on the cost of cleanup but also on the cost to redevelop the site. A few New York City developers have reaped enormous rewards on $100+ million developments.