Benefits of Program Participation
Free or reduced cost of a phase I or II environmental site assessment: The Central Vermont Brownfields Program can help fund phase I and phase II environmental site assessments depending on their complexity and the availability of funds. This can save an owner $2,000 to $80,000.
Better understanding of site conditions: The largest barrier to brownfields redevelopment can be the perception (by potential developers and/or investors) of contamination. Without an assessment of the property, this perception cannot be dispelled. Contamination either is on the property or is not on the property. Almost all potential buyers, lending institutions, and investors require that an environmental assessment be conducted before clearing title. The Brownfields Program provides funds to undertake environmental assessments that would otherwise have to be paid by the owner.
Information regarding liability: Concerns over liability may discourage developers who are unfamiliar with brownfields redevelopment. The program can provide information on liability protection and available liability protection programs.