Christopher Shays: “Our legislation increasing the funding from $37 million to $87 million would provide a $200,000 maximum grant to each…”

“Our legislation increasing the funding from $37 million to $87 million would provide a $200,000 maximum grant to each site assessment and redevelopment plan. It enables a community to go out throughout the community and determine what are the brownfields in their community, why these buildings are not being developed. In some cases they will find the absence of knowledge has led people to stay away. When they come and make a more thorough review of these sites, they realize they do not have the contamination problems they might think they have, and the community is able to promote the development of this land. This money also becomes a leverage to bring in private money as well as State and local money. It also provides a capitalization revolving loan fund of $500,000 each in addition to the $200,000 grant. We also are providing in our legislation $25 million to HUD for each of the next 4 years to provide for brownfield activity to leverage some of the State and local and private funding. I think one of the most important features of this is that it provides tax incentives. A business that comes in can expense out in the year of cost the cleanup of the sites, which makes it far more attractive to a business so that they can recoup their costs much earlier and not have to amortize it over 10, 20, 30, 40, or 50 years. Mr. Speaker, we have seen the success that has happened, that it has provided Bridgeport.…”