EVOLVE Business and Professional Magazine November 2017 | Page 28

Rehabilitation Agreement (BSRA) with the Florida Department of sites, for financing the cleanup of sites with zero and low of Environmental Protection (“FDEP”). BSRAs are voluntary, interest loans, and for job training and research opportunities. negotiable agreements that identify the requirements, anticipated These grants are significant economic development tools because cleanup schedule, and benefits associated with the cleanup of environmental due diligence expenses typically create risk the property. in commercial real estate transactions. In addition, the grants help communities obtain an inventory of sites with potential environmental issues and assist in the financing of a cleanup Incentives and Grant Opportunities For more than 20 years, the Federal Brownfields Program where funds may otherwise be unavailable. and the Florida Brownfields Redevelopment Program have Under the Florida Brownfields Program, parties can receive empowered communities to overcome barriers to economic significant regulatory and economic development benefits for development and create sustainable development. Several local entering into a BSRA and completing a cleanup. Assessment and governments in Flagler and Volusia Counties utilize brownfield cleanup expenses may be eligible for the Voluntary Cleanup Tax programs as a tool for economic development and community Credit Program (the “VCTC Program”), which provides Florida revitalization, which has resulted in redevelopment of corporate income tax credits equal to a percentage of eligible various abandoned and underutilized properties into new costs. These tax credits are transferable, so parties without mixed-use, commercial/retail, office, recreational and Florida corporate income tax liability can sell the credits for residential developments. cash. In 2017, the Florida Legislature increased the amount of Under the Federal Brownfields Program, the United States tax credits that the state can provide each year from $5 million to Environmental Protection Agency (“EPA”) provides grants to $10 million, making the cleanup of Brownfields Florida’s second local governments and nonprofits for the assessment and cleanup largest environmental cleanup program in terms of funding. INVESTOR SPOTLIGHT VOLUSIA COUNTY. LOCATION, LOCATION, LOCATION. Lisa Ford Williams Ford Properties Ford Properties is a major landholder in Volusia County. As a player in several of the community’s most important projects, Market Analyst Lisa Ford Williams recognizes potential when she sees it. That’s why she and her company invest in Team Volusia. Their return on investment benefits the whole community, and as a former Chair of Team Volusia, that’s exactly what Lisa had in mind. So if you are of like mind, consider becoming an investor in Team Volusia and watch your investment grow. TeamVolusiaEDC.com | 28 | EVOLVE BUSINESS AND PROFESSIONAL MAGAZINE 386.265.6332