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Investing in the Brownfields Land Bank

Many communities are making brownfields redevelopment a priority in order to maximize the many benefits of accommodating growth in existing communities. Many communities have also established land banks to manage and dispose of vacant property. However, the promotion of brownfields redevelopment through a land bank mechanism is almost completely unexplored territory. As the federal government attempts to change the tax structure to favor “re-shoring” (attracting manufacturing back to the US), communities that have made their brownfield sites development-ready might be rewarded with economic growth that fits sustainability objectives like a glove – re-using former industrial sites for newly attracted manufacturing and corporate operations. A brownfields land bank might be just the mechanism to accomplish this. This article outlines some best practices in creation of development-ready land from a brownfields inventory; then recommends the use of tax increment financing, albeit modified for the somewhat peculiar case of a brownfields land bank,…Log In to Read Full Article

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