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A. 3006-B /S. 2006-B Part BB Brownfield Extender & Modifier

April 1, 2015
Contact: Darren Suarez

The Legislature and the Governor did reach an agreement to extend and modify the brownfield program. The program has been extended for ten years. The superfund program has also been extended for ten years. The final agreement has been amended significantly from the Administration’s proposal two years ago. Below is a quick review of the proposed amendment to the program in black followed by the final outcome in red.

Accepted

Amended

Amended: Sites located outside of NYC are not subject to the tangible property credit gates.

Amended: cleanup cost must be greater than 75% of the hypothetical condition that property is not contaminated.

Accepted.

Amended: The definition of affordable housing will be issued by regulation by DHCR by 6/8/15.
Amended: New fourth gate “underutilized” will be issued by regulation by DEC by 7/1/15.

Omitted.

Accepted.

Accepted

Amended: To include soft costs

Amended:
Includes a definition of related party services, and precludes related party services from the site preparation credit and the groundwater credit

Omitted

Amended: TPCC would be allowed for 120 months after the issuance of the CoC.

Accepted

Accepted

Amended:

Amended

Omitted

Amended: To included 5% bump-up for Track 1 site cleanups

Accepted

Accepted