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How Do You Eliminate the Unknowns of Your Redevelopment Property?

Kentucky does not have any tax dollars to be used to fund Brownfields redevelopment. As a result some large Brownfields projects, Papa John's stadium and the Louisville riverfront redevelopment come to mind, did occur. However, many smaller Brownfields projects needed some sort of assistance. With that in mind the Department of Environmental Protection management team proposed legislation in 2012 to assist with Brownfields redevelopment. As a result KRS 224.1-415 was enacted and the Kentucky Brownfield Redevelopment Program was created. One of the items which hinders Brownfields redevelopment is the concern that a large and expensive environmental cleanup will be required once conditions on a site are actually discovered. The purpose of Kentucky's Brownfield Redevelopment Program is to remove this fear of the unknown. The statute does this by removing uncertainty about environmental characterization and remediation. If a property owner complies with the statute and the accompanying regulations and the Department…Log In to Read Full Article

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