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Delaware Economic Development Office: Partner in Redeveloping Brownfields
Enhancing the quality of life of all Delawareans has always been a part of the Delaware Economic Development Office's (DEDO) mission. Brownfields provide DEDO with a unique opportunity to create quality jobs, and revitalize urban communities. This initiative is a key part of Governor Minner's Livable Delaware Agenda, which aims to reduce sprawl and congestion by directing growth to areas where the state, counties and local governments have planned for it.
Brownfields redevelopment is an important tool for Delaware's livable growth -- recycling our state's land and cleaning up the environment within our areas designed for growth.
DEDO will assist businesses and local communities to ensure that the private and public benefits of brownfields revitalization are realized:
- New jobs created
- Enhances the region's economic stability
- Curtails urban sprawl, preserves open space and protects the environment
- Recycled properties become part of a growing tax base
- Redevelops local community, eliminates urban blight and improves public health
- Increases property values for surrounding properties
These sites cannot be revitalized without the help of developers, commercial real estate firms, lenders, and property owners. In the past, concerns over liability and the added cost of cleaning up a site have hindered the redevelopment of Brownfields. The State of Delaware understands the risks are higher for these projects and in response, provides financial incentives and a fast track cleanup process.
Delaware offers Prospective Purchaser Agreements (PPAs) and Certificates Of Completion Remedy (COCRs) to reduce or eliminate liability concerns for sellers, buyers, and lenders. PPAs are negotiated between the Department of Natural Resources and Environmental Control (DNREC) and the potential purchaser, providing liability protection for pre-existing contamination, while COCRs offer liability protection to future property owners once a site has been cleaned up.
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Last Updated: Tuesday, 12-Aug-2008 12:24:09 EDT
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