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Brownfields Redevelopment CounselingA Brownfield site is real property in which the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. Brownfield sites are often abandoned industrial or commercial sites. Previously, both developers and their lenders steered far clear of these sites for fear that the substantial environmental cleanup costs involved would reduce the anticipated project profit margin. Commercial lenders also feared that, in the event of a foreclosure, the bank would be burdened with a contaminated property and substantial attendant cleanup costs. New federal and state legislation (the Small Business Liability Relief and Brownsfields Revitalization Act, and the Brownsfields Act: Chapter 206 of the Acts of 1998, respectively) now provide financial incentives that can allay these concerns and have reinvented the business model regarding these sites. Our attorneys can help guide you through the process of purchasing and developing a Brownsfields site.
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