Remediation Cost Recovery

Many developers and property owners are unaware that cost recovery and funding opportunities exist to help offset the cost of undertaking environmental site remediation. The financial success of many real estate transactions and restoration projects can be substantially enhanced through cost recovery. High priority for public funding is put on properties where voluntary cleanups and Brownfield restoration are conducted.

 Some of the available cost recovery options include:

Cost Recovery from State and Local Funds – New Jersey

Loans through Petroleum Underground Storage Tank
        Remediation Upgrade and Closure Fund
Innocent Party Grants (50% funding)
Municipal grants for site investigations and remedial
         investigations
Low interest loans
Tax abatement under State Brownfields legislation

Low cost loans – Urban Enterprise Zones
Property tax abatement – Environmental Opportunity Zones

Act 2: Industrial Sites Cleanup Fund – grants or low interest
         loans
Act 4: Industrial Sites Environmental Assessment Fund – grants
         to municipalities and non-profit organizations
Developer tax incentives

Other Public Cost Recovery Programs

Legislation is now being considered in the Congress of the United States that will provide other financial incentives and tax abatement opportunities for Brownfield development projects. Our web site will keep you up to date as these incentives are passed into law and implemented to provide you with additional Brownfields cost recovery opportunities. In addition, more and more states are also providing Brownfields cost recovery opportunities.

Claims against insurance carriers
Claims against predecessors in title
Claims against other responsible parties

The Whitman Companies, Inc. actively works with its clients and their attorneys to explore all forms of potential cost recovery on sites being bought, redeveloped, or remediated. In addition to our technical services on these projects, including sampling and remediation, Whitman is often asked to develop expert reports and cost estimates and to testify in deposition or in court in pursuit of cost recovery actions. To discuss the p`otential cost recovery options for your project, contact Michael Sylvester at msylvester@whitmanco.com.