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10- 31-2003

Page history last edited by PBworks 17 years, 5 months ago

October 31, 2003

ROMNEY ENCOURAGES REDEVELOPMENT OF BROWNFIELDS

Facilitates reuse of brownfield sites so more jobs can be created near where people live

 

PITTSFIELD – Bringing his campaign to create jobs to Berkshire County, Governor Mitt Romney today highlighted his plan to increase the Bay State’s commercial space in urban areas through the redevelopment of the state’s 7,000 old industrial sites known as brownfields.

 

“Abandoned lots and buildings dot the landscape of our urban areas, diminishing real estate values and posing health and safety concerns to the surrounding communities,” said Romney, speaking at the William Stanley Business Park, a 52-acre brownfield site that was formerly part of General Electric. “We must take action to turn these brownfield sites into successful economic opportunities.”

 

To create more jobs and entice companies to locate to existing sites in urban areas instead of gobbling up open space, Romney’s economic development plan provides three key incentives to will attract businesses to brownfields.

 

The proposals include:

 

  • Doubling the Economic Opportunity Tax Credit from 5 to 10 percent for the redevelopment of a brownfields site;
  • Extending the tax credit for brownfield site clean up, which expired this year, for three additional years; and
  • Recapitalizing the Brownfields Redevelopment Access to Capital (BRAC) insurance program to mitigate the financial risk for businesses that clean up brownfields. This program makes available and subsidizes environmental insurance to borrowers and developers who purchase, clean up or develop brownfield sites in Massachusetts and to lenders who finance the projects.

 

Romney said Massachusetts is currently home to 7,000 brownfields sites, most of which are located close to residential areas and, in some regions, are the only sites available for business development and expansion.

 

“The Pittsfield brownfield site is one of the state’s best examples of reclaiming the historic industrial sites that were once the heart of economic health and progress,” said Tom Hickey, director of Pittsfield Economic Development Authority (PEDA). “Governor Romney’s efforts to make these sites even more desirable to relocating and growing businesses is very good news to all of us.”

 

Romney urged the Legislature to take action quickly on an economic development bill and pledged to work with them cooperatively to accomplish this goal.

 

 

 

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