Brownfield redevelopment funds via Brownfields Redevelopment and Intermodal Promotion Act

8 Jul

The Illinois General Assembly passed the Brownfields Redevelopment and Intermodal Promotion Act, HB 2212, at the end of the 2013 Spring Session.  The statute creates the South Suburban Cook County Brownfield Redevelopment Zone in Posen, Dixmoor, Riverdale, Doloton, Markham, Harvey, Phoenix, South Holland, Hazel Crest, East Hazel Crest, Thornton, and Homewood.  The statute’s goal is to redevelop brownfields in the zone by leveraging the existing infrastructure around the CN Intermodal Terminal and the Union Pacific Intermodal Terminal.  As a result, eligible projects are limited to those classified by the Urban Land Institute as: warehouse distribution, manufacturing (light or metal fabrication), or freight forwarding.  The statute further lists eligible secondary categories under each of those primary categories.

The statute creates the South Suburban Brownfields Advisory Council to oversee implementation of the statute.  The statute would create funds for the Council to distribute by  collecting the incremental individual income tax generated from employees in the zone, up to $3 million annually.  The Council could reimburse eligible developers for a variety of eligible activities, including: environmental studies and remediation; land acquisition and demolition; recruiting and training minority residents of the zone; and, upgrading the public infrastructure.

If you have questions about the advantages of redeveloping brownfields and the Brownfields Redevelopment and Intermodal Promotion Act, contact us at 773-609-5320, [email protected], or through our web contact form.

Disclaimer: This article cannot, and does not, create any attorney/client or consultant/client relationship.

 

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