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
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