This was a key factor in determining whether to proceed with acquisition of the property. The time to develop a positive cash flow is critical to all development projects. Committing to the MOA before purchasing the property affords the purchaser the maximum liability protection under the innocent purchaser s provision of the Brownfield and Contaminated Site Remediation Act. Site Investigations, and their more targeted follow-up studies, Remedial Investigations, include the collection of samples collected from soil, ground water, surface water, and building surfaces, and from specific areas of concern including asbestos, PCB transformers, and underground tanks. Having a clear vision of the end use of the property is essential to the Brownfield project and should occur prior to the acquisition of the property.
Project planning proceeds both before and after property acquisition.
In the case of the Elizabeth project, the developers determined that the best use for the property was as a hotel to serve Newark International Airport. The client needed to know whether the proposed use would be acceptable to the City. Before redevelopment can begin, identified areas of environmental concern must be addressed. The proposed remedial action should be engineered so that it can be performed in concert with the property development and does not delay or impede the development schedule. Financing Options for Brownfields During the remedial design phase of the project, the developer should consider entering into a Redevelopment Agreement with the New Jersey Division of Taxation.