If you or your business is considering purchasing a piece of land that has previously been used for industrial or commercial purposes, you may want to consider the benefits of a brownfield agreement. Specifically, the North Carolina Department of Environmental Quality (NCDEQ) offers a brownfield agreement program that can help alleviate concerns about potential environmental hazards and liability.
A brownfield is defined as a property that is contaminated or potentially contaminated due to previous industrial or commercial use. The NCDEQ`s brownfield agreement program is designed to encourage redevelopment of these properties by providing liability protection to property owners, developers, and lenders who voluntarily agree to clean up the contamination on the property.
The program offers several benefits to those who participate, including:
1. Risk management: The brownfield agreement provides liability protection to property owners, developers, and lenders who agree to clean up the contamination on the property. This can help alleviate concerns about potential environmental hazards and liability, making it easier for businesses to invest in the property and revitalize the area.
2. Tax incentives: Property owners who enter into a brownfield agreement may be eligible for tax incentives, including state income tax credits, property tax reductions, and other financial benefits.
3. Environmental benefits: By cleaning up brownfield sites, businesses can help improve the environment and reduce pollution in their communities. This can have long-lasting benefits for both the environment and the local economy.
To participate in the NCDEQ`s brownfield agreement program, property owners must first submit an application and work with the agency to develop a cleanup plan. Once the plan is approved, the property owner can begin the cleanup process. The NCDEQ provides ongoing oversight and support throughout the cleanup process to ensure that all environmental regulations are followed.
In conclusion, if you are considering purchasing a brownfield property in North Carolina, exploring the benefits of the NCDEQ`s brownfield agreement program can help you make an informed decision. By participating in the program, you can not only receive liability protection, but also tax incentives and the opportunity to improve the environment and local economy.