BROWNFIELDs REDEVELOPMENT
Buying property with contamination can be risky. Contamination can be a significant deterrent to the marketing and sale of land. The State of North Carolina has determined that it is good public policy to encourage appropriate redevelopment of impacted properties. The Brownfields program reduces the risk to purchasers and, under many circumstances, provides purchasers with tax incentives to encourage redevelopment.
“Brownfields” is the term used to describe property that has previously been used for industrial or commercial purposes and may be contaminated by low concentrations of hazardous substances. Through its Brownfields program, the State of North Carolina offers financial incentives to developers willing to remediate these contaminated sites. A Brownfields agreement with the State allows innocent landowners and potential developers (who have had no hand in the contamination), sell or purchase contaminated property while avoiding or minimizing liability that federal or state agencies might otherwise impose. Rob Gelblum, of counsel to our firm, served as the chief attorney to the N.C. Brownfields Program from its inception in 1997 until 2012. Negotiation of a Brownfields Agreement with the State is a challenging and complex matter. Please call our office to discuss your options with our experienced attorneys.
For more information please call (919) 754-1600 or email us.