New York’s BOA program benefits investors by identifying prime properties for redevelopment, assessing environmental challenges and building community consensus about acceptable future business uses for the community. With BOA nomination and designation, investors and developers can move quickly and with confidence to take advantage of redevelopment opportunities.
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.
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.