New York’s BOA program benefits real estate developers by defining opportunities, addressing development challenges and building consensus about acceptable business uses – so developers and investors can move quickly and with confidence.
Here’s how BOA helps:
Inventories Shovel-Ready Sites - Provides an accurate inventory of brownfield sites and other underutilized properties to serve as a basis for identifying strategic redevelopment opportunities.
Defines Future Uses and Businesses - Identifies the types of uses and businesses that are desired by the community, a key for the successful redevelopment of brownfields.
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 plan.
Provides Remediation Strategies for Catalyst Sites - Site assessments determine the nature and extent of contamination for strategic brownfield sites, defining options and costs for remediation and redevelopment.
Encourages Infrastructure, Transportation and Public Improvements - The redevelopment potential of private properties may benefit from identified transportation, infrastructure and other community-related public improvement projects in BOA areas.
Assists in Marketing Redevelopment Projects - The BOA Program will fund site renderings and marketing brochures of private redevelopment projects on BOA strategic sites to promote the redevelopment potential for public and private-sector investments. The Empire State Development Corporation (ESDC) will market brownfield sites to developers.
Convenes Parties to Facilitate the Development Process - BOA grantees 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.
Saves Time with SEQR Compliance - State Environmental Quality Review (SEQR) and Generic Environmental Impact Statement (or GEIS) will be undertaken and completed as part of BOA. 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.