There are a wide variety of grants, low and/or no interest loans, economic incentives, and cost recovery mechanisms available in the financial “toolboxes” that have been established by the State of New Jersey and the Federal government for abandoned or under-utilized properties with known or suspected contamination referred to as Brownfields.
With Smart Growth initiatives focusing development back to the urban areas, these tools very often “bridge the financial gap” and enable environmentally-challenged real estate transactions and redevelopment projects to make economic sense. Because every real estate transaction and redevelopment project is unique, however, hands-on experience with Brownfield economic incentive and cost recovery programs is critical to ensuring that viable opportunities are not lost or overlooked.
We have obtained hundreds of grants for our public sector clients, including grants to conduct PA, SI, RI and RA and have prepared applications and successfully obtained Brownfield Development Area (BDA) designationsin several municipalities, including Salem City, Carteret, Keyport Borough, Woodbridge, Kearny and Plainfield.
The BDA is an incredibly effective grant program that enables the municipality, county, or redevelopment authority to qualify for up to $5 million dollars in grants each year to cover 100% of environmental investigation costs and up to 75% cleanup costs. We are extremely proud of our success rate and track record with the Hazardous Discharge Site Remediation Fund (HDSRF) and BDA grant programs and are continually working on new HDSRF grants and BDA projectson behalf of our public sector clients.
Grant, loan, and cost recovery services offered by Excel include:
New Jersey HDSRF
Public Entity Grant Applications for PA, SI, and RI (Municipalities, Counties, Redevelopment Authorities)
Innocent Party Grants
Innovative Technology Remediation Grants
Residential UST Closure Fund
Commercial UST Low Interest Loans
New Jersey HDSRF BDAs
Selection of Potential BDAs for Municipalities and Counties
Strategic Planning for Successful BDA Designation by NJDEP
Preparation of Comprehensive BDA Applications
Management of BDAs, including Steering Committee Coordination and Participation and NJDEP Case Manager Interaction
Implementation of Site-specific PA, SI, RI, and RA using HDSRF grants on Sites within the Designated BDAs
Expert Technical and Strategic Consultation to the Mayor, Council, and Steering Committee regarding potential third-party redevelopment end uses, Request for Proposal (RFP) preparation and negotiation, potential redevelopers, etc.
New Jersey HDSRF Non-Profit 501(c)(3) Organizations
HDSRF Grants applications to cover 100% of the cost for PA, SI, and RI and up to 75% of costs for RA
Implementation of Site-specific PA, SI, RI, and RA using HDSRF grants on eligible Sites
Expert Technical and Strategic Consultation to the Non-Profit Organization regarding potential third-party redevelopment end uses, RFP preparation and negotiation, potential redevelopers, etc.
New Jersey Brownfield Financial Incentives
Brownfield Site Reimbursement Fund (75% Remediation Cost Reimbursement Program)
Economic Redevelopment Growth Grant (ERGG) (20% Total Project Reimbursement)
Remediation Bridge Loans
Corporate Tax Credits
Building Materials Credits
Real Estate Tax Abatement
Low or No Interest Loans from Various Agencies
Third-Party Cost Recovery
Insurance Claims Technical Support
New Jersey Spill Fund Claims
Responsible Party Litigation Support
Expert Consultation and Reporting