Primary Benefits of BOA Program Participation
Effective Strategies for Revitalization
Establishes a Community Vision and Strategy for Revitalization - A community based revitalization and implementation strategy is established to spur investment in distressed areas and set clear priorities for redevelopment, community renewal and improved quality of life.
Provides a Remediation Strategy for Catalyst Sites - Site assessments determine the nature and extent of contamination for strategic sites expected to catalyze redevelopment, helping communities better understand options and costs for remediation and redevelopment.
Site Inventory - Provides an accurate inventory of brownfields and other underutilized properties to serve as a basis for identifying strategic opportunities.
Shovel Ready Sites - A portfolio of sites that are or near shovel ready and ripe for redevelopment and investment.
Defines Future Uses and Businesses - Identifies the types of uses and businesses that are desired by the community, a key for successful brownfield redevelopment.
Increases Predictability For Investors - Clarifies community acceptance by giving investors and developers a clear indication of uses and businesses that the community wants, and does not want, as expressed in the strategy.
Fulfills Community Development Needs - Helps communities work more effectively with developers to transform brownfields and attract desirable new uses and businesses that will contribute to the community in a beneficial way, generating jobs and revenues.
Improves Environmental Quality – Implementation of the revitalization strategy results in clean-up of contaminated properties, removal of eyesores, and implementation of other environmental and public improvement projects identified in the strategy.
Partnerships and Competitiveness
Fosters Partnerships With State Agencies - Establishes a working partnership between communities and state agencies to address a variety of issues related to community revitalization, zoning, site clean-up and redevelopment, economic renewal, improving transportation systems and infrastructure, and improving environmental quality.
Increases Competitiveness for Other Funding Programs - A community supported Nomination and Implementation Strategy increases competitiveness for additional funding and private investment. Designated areas shall receive priority and preference from the NYS Environmental Protection Fund and Environmental Restoration Programs. Designated areas may receive preference when considered for other local, state and federal programs.
Benefits to Property Owners and Communities
Assessment of Environmental Conditions
Environmental Assessments - Provides funding for site assessments, to determine the nature and extent of contamination, for strategic sites. To be eligible, the owner must not be responsible for the environmental conditions at the site.
Enhanced Tax Credits – Proposed development projects that are consistent with a BOA strategy may receive a two percent tax credit bonus if the site has been accepted in the NYS Brownfield Clean-up Program.
Improving Property Values and the Community
Increased Property Values - With strong local leadership as the projects primary advocate and sponsor, the BOA strategy can induce public and private-sector investment leading to community revitalization and increased property values over time.
Infrastructure and Transportation Improvements - The redevelopment potential of private properties may benefit from identified transportation, infrastructure and other community-related improvements in BOA areas.
Public and Environmental Improvement Projects - Public improvement projects, identified through BOA, such as parks, esplanades, or streetscape improvements and/or environmental improvement projects, such as a stream corridor or habitat restoration projects, will have an overall positive impact on the quality of the community leading to increased property values and marketability.
Marketing to Solicit Investors and Developers
Site Renderings - The program will fund renderings and conceptual designs of private redevelopment projects on strategic sites to illustrate the redevelopment potential of the property.
Marketing Strategies and Materials – Through BOA, communities may develop a marketing strategy and materials, including brochures, website and other internet-based initiatives, developer RFPs and other innovative approaches to attract investment.
Facilitating the Development Process
Increased Predictability – BOA removes uncertainty and can provide predictability in terms of desired use, development impact, and cost.
Convening Parties to Foster Development – Program participants (for the Nomination and Implementation Strategy) can hire a neutral, objective consultant to work as a liaison on behalf of the grantee, private landowner, and development interests to explore project feasibility, and deal structure alternatives for the privately held property.
SEQR Compliance - State Environmental Quality Review (SEQR) is blended into the BOA process and may include preparation of a Generic Environmental Impact Statement (GEIS). Property owners and developers will save time in the development process if redevelopment plans are within the scope of the approved GEIS document by eliminating the need to prepare a site specific EIS.