There is no polite way to sugarcoat the opinion of the United States District Court for the Northern District of Georgia in Stratford Holdings LLC v Fog Cap Retail Investors LLC and Footlocker Retail , Inc. , No 1:11-C-3463 (Sept. 17, 2012).This is a bad decision that reflects a fundamental misunderstanding of CERCLA. If followed […]
Georgia District Court Narrowly Construes Right of Cost Recovery Read More »
In parts of NYC, it feels like 2006 again with construction projects on every block. How is this possible at a time when lenders still shying away from construction loans and equity investors demand 20% returns? One popular source of relatively cheap financing is the so-called EB-5 visa program that is available to foreigners who invest
EB-5 Visa Program Becomes Important Source of Project Funding in NYC Read More »
Both houses of the New York Legislature passed bills that would extend the sunset date for the brownfield tax from March 31, 2015 to December 31, 2015. Parties remediating sites in the Brownfield Cleanup Program (BCP) must obtain certificates of completion (COC) from the NYS Department of Environmental Conservation (NYSDEC) by that date to be able
NY Legislature Extends Brownfield Tax Credits Read More »
A California state court dismissed a negligence claim brought against an environmental consultant by residents of the infamous Ujima Village low income housing complex for failing to identify health risks associated with a former oil storage facility. The 300-unit Ujima Village complex had been constructed on a portion of the former 122-acre Athens Tank Farm
Consultant Not Liable to Residents of Housing Complex For Not Identifying Vapor Risks Read More »
The landmark NYC brownfield program demonstrates the economic benefits of brownfield programs. The Office of Environmental Remediation (OER) which is responsible for administering the program has calculated the benefits of the first 47 projects that enrolled in the program. The OER analysis indicates that these projects generated city revenue of $369 MM on a 30-
NYC Brownfield Program Generates $200 in tax revenues for every $1 of Cleanup Grants Read More »
The New York City Brownfield Partnership recently announced its 2012 Big Apple Brownfield Awards (BABA). For the second year in a row, one of our affordable housing clients has won an award. We helped Exact Capital gain entry into the New York State Brownfield Cleanup Program so that it could build an affordable housing project-Crotona
For a Second Consecutive Year, An Affordable Housing Client Wins Brownfield Award Read More »
In Queens W. Dev. Corp. v. Honeywell Int’l, 2011 U.S. Dist. LEXIS 91795 (D.N.J. 2011), the plaintiff developers commenced remedial activities at two parcels that were accepted into the New York State Department of Environmental Conservation (NYSDEC) Brownfield Cleanup Program (BCP) and Voluntary Cleanup Program (VCP). Plaintiffs filed a lawsuit against the defendants as successors
CERCLA Contribution Action Not Available for BCP/VCP Cleanup Read More »
EPA recently published notice of two proposed prospective purchaser agreements (PPAs) . PPAs had been a critical tool for brownfield development prior to the 2002 CERCLA amendments that added the bona fide prospective purchaser (BFPP) defense. Following the 2002 amendments, EPA issued guidance that indicated that the agency would only issue PPAs in special circumstances since the BFPP was
Recent EPA PPAs Require Financial Assurances Read More »
The title of this post sounds like a teaser to a bad joke but unfortunately it refers to the latest round of motions in two sprawling lawsuits involving a defunct planned community that was to be developed on what proved to be a part of a world war 2 bombing practice range. The defendants include
A Lawyer, an Underwriter and an Appraisor-An Update Read More »
Section 198(a) of the Internal Revenue Code allows owners of qualified brownfield sites to deduct their cleanup costs in the year they are incurred. To qualify for this deduction, the owner must obtain a certification from the state where the site is located that the site qualifies as a brownfield. The NYC Office of Environmental
NYC Brownfield Projects Now Eligible for IRS Tax Deduction Read More »