The Upstate New York Chapter of NAIOP, a commercial real estate development association, is calling on the state Senate and Assembly to include the Brownfields program in their respective budget submissions.
The association, joined by its New York City and Westchester chapters, is asking for continuation of the program which is scheduled to sunset in 2015.
“The Brownfields program is one of the surest and most immediate ways to spur jobs and investment throughout the state,” said Brian Robin, president of the New York City chapter. “It’s essential that the state extend the sunset to encourage the continued development of contaminated properties around the state.”
According to the Department of Environmental Conservation, it takes a project an average 2.8 years to obtain the certificate of completion required to actually access the tax credits. Under the current law, tax credits will not be available for Brownfield program sites with a certificate of completion issued after March 31, 2015. This uncertainty effectively precludes the economic development of new Brownfield projects that the credit is actually intended to promote.