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Staten Island Brownfield Redevelopment Program Working Capital (W457) - esd ny

Staten Island Brownfield Redevelopment Program Working Capital (W457) - esd ny 2025

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The document outlines a grant agreement between the New York State Empire State Development (ESD) and the Staten Island Economic Development Corporation (SIEDC) for up to $30,000 to support the Brownfield Redevelopment Program on Staten Island. The funding aims to assist with operating costs during Phase II of the program, which focuses on assessing and facilitating the redevelopment of 26 brownfield sites. The grant is essential for SIEDC to continue its efforts in economic development amidst financial challenges.

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What qualifies as a brownfield site?

Brownfield is the technical name for an underused or abandoned industrial or commercial property. Brownfields can range from old factories to vacant warehouses; from defunct gas stations to former dry cleaning establishments. Many Brownfields are contaminated with potentially dangerous waste.

What are the disadvantages of the brownfield?

Disadvantages of a Brownfield Investment The facility may be old and, therefore, require high maintenance and upkeep cost. There may be operational inefficiencies if the facility cannot be adapted to new production needs. There may be scalability and expansion issues related to using already constructed facilities.

What is the purpose of the brownfield program?

EPAs Brownfields Program provides grants and technical assistance to communities, states, tribes and others to assess, safely clean up and sustainably reuse contaminated properties.

What is ESD in New York State?

Empire State Development is the umbrella organization for New Yorks two principal economic development financing entities: The New York State Urban Development Corporation and the New York Job Development Authority.

What is the NYS Brownfield Opportunity Area Program?

The Brownfield Opportunity Area (BOA) Program is operated by the New York State Department of State and provides state planning funds to community-based organizations (CBOs) and municipalities to develop community plans for areas with multiple vacant properties or brownfields.

What is a brownfield opportunity?

When a company or government entity purchases or leases existing production facilities to launch a new production activity, it is called a brownfield investment. Greenfield investments, unlike brownfields, undertake new construction of property, plant, and equipment.

Staten Island Brownfield Redevelopment Program Working Capital (W457) - esd ny 2025

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