Larry Schnapf

New BCP Application Can Be a Trap for the Unwary Applicant

New York Brownfield Cleanup Program / By

The New York State Department of Environmental Conservation (NYSDEC) has unveiled its revised Brownfield Cleanup Program (BCP) application to implement the sweeping changes to the BCP that became partially effective on July 1st. The new form is available HERE The revised application requires applicants to provide more detailed information about the brownfield site, the development project and the […]

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Amended BCP Becomes Effective but Not Fully Operational For NYC Sites

New York Brownfield Cleanup Program, NYC OER / By

The amendments to the New York State Brownfield Cleanup Program (BCP) became effective on July 1st—that is except for two key tax credit eligibility criteria for properties located in New York City. Moreover, the rollout of an important alternative to the BCP will be delayed until 2016. As regular readers of this blog are aware,

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NYSDEC Proposed “Underutilized” Definition Will Adversely Affect Small Commercial Property Owners

New York Brownfield Cleanup Program / By

Environmental issues can be particularly vexing for small real estate development projects. A $200K-$300K cleanup may just be a rounding error for a $100MM project but could jeopardize the financial viability of a $5MM or even $10mm project.  In most cases, the lender for a small project will hold back 125% to 150% of the

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NYSDEC Proposes BCP “Underutilized” and “Affordable Housing Project” Definitions

New York Brownfield Cleanup Program / By

NYSDEC has released its proposed its “affordable housing project” and “underutilized” definitions that were required by the Brownfield Cleanup Program (BCP) amendments. These definitions, along with the other criteria for eligibility for tangible property tax credits (the site’s location in an EnZone or the site meeting the statutory definition of “upside down”), will be used

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NYSDEC Swamped With BCP Applications Seeking to Beat Changes to Tax Credits

New York Brownfield Cleanup Program / By

As we previously discussed, Governor Andrew Cuomo and the Legislature reached an agreement on sweeping reforms to the Brownfield Cleanup Program (BCP) as part of the 2015-16 state budget. Among the significant changes which are scheduled to take effect on July 1st are that sites located in New York City will no longer be eligible

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Lender that Sold Contaminated Property Agrees to $1.4MM Settlement

CERCLA, common law, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, Lender Liability / By

We have previously reported on instances where banks have incurred cleanup costs in connection with properties they have sold.  For some examples, click here, here, here, here and here The latest installment of this saga involves Bank of America (BOA) which agreed to pay $1.4MM as part of a settlement involving a dry cleaner property that a

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Expiration of BCP Tax Credits Could Lead to Surge in “Pave and Wave” Cleanups

Brownfields, New York Brownfield Cleanup Program / By

The New York Brownfield Cleanup Program (BCP) is known for producing robust cleanups. One reason is the stringent cleanup standards of 6 NYCRR Part 375 but another is the BCP  tax credits that reward applicants who achieve track 1 unrestricted cleanups. Applicants that achieve unrestricted (track 1) cleanups are entitled to claim 50% of their

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NYC Enacts New Disclosure Law for School Sites

Disclosure of Environmental Liabilities, Environmental Due Diligence / By

On February 5th, New York City Mayor Bill de Blasio signed into law Int. No. 126-A (Local Law 12) requiring the Department of Education (DOE) promptly notify parents and other community groups of sampling results identifying elevated levels of in any public school or any proposed public school owned or leased by the DOE. The

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NYSBA Brownfield Task Force Issues Report Recommending Changes to Brownfield Program

New York Brownfield Cleanup Program, NYC OER / By

Following the failure of the Legislature and Governor to reach agreement on comprehensive reform of the Brownfield Cleanup Program (BCP), the Brownfield Task Force (BTF) of the New York State Bar Association, which I co-chair with David Freeman, convened a cross-section of stakeholders to study the BCP. After a series of meetings and conference calls,

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