Why redevelop Brownfields?
Redevelopment of brownfields potentially benefits the environment, the community, and industry by preserving green areas outside cities:
- Restores property for productive use and increases property values
- Increases the local tax base
- Improves the community image
- Mitigates public health and safety concerns
- Uses existing infrastructure (streets, sewer systems, lighting) resulting in cost savings
- Creates jobs
Brownfields redevelopment can benefit both private investors and the communities in which they are located. For the private sector, brownfields redevelopment can mean new business opportunities, the potential for profit on unused or under-utilized properties, improved community and environmental stewardship, and access to untapped urban or rural markets.
What are the barriers to Brownfields redevelopment ?
Communities, municipalities, and private investors encounter many impediments to redeveloping brownfields:
- Lack of funding for cleanup
- Concerns over liability
- Need for environmental assessments of property
- Unfavorable neighborhood or market conditions
- Land use issues
- Reluctance to invest in distressed communities due to concerns with socio-economic conditions
- Lack of community support