We are excited to announce that a long-term extension of the critical Brownfield Cleanup Program (BCP) is a part the State Budget agreement reached by the Governor and legislative leaders.
Along with other key stakeholders, we have worked over the last several weeks to ensure that as many potential local projects as possible qualify under the new legislation.
We would like to thank Governor Cuomo and many members of the Western New York State Legislature Delegation for being open to our concerns and working to achieve a real victory for Buffalo Niagara.
We are also deeply appreciative of several Partnership members who invested their time and expertise to help us make our case:
- Tom Forbes (Benchmark & TurnKey)
- Mike Lesakowski (Benchmark & TurnKey)
- Michael Licata (TM Montante)
- Bob Murray (Harris Beach)
- Marc Romanowski (Hopkins Sorgi)
- Steven Ricca (Jaeckle Fleischmann & Mugel)
- Sam Savarino (Savarino Companies)
- Paul Werthman (Benchmark & TurnKey)
In addition to a 10-year extension, under the new BCP agreement all Upstate projects automatically qualify for tangible property tax credits. These credits drive development and reuse of the brownfield site once it has been remediated.
Under previous proposals, Upstate projects were going to have to meet strict eligibility criteria, potentially limiting the program’s economic impact in our region.
The new program also provides incentives for manufacturing projects and grandfathers in many projects currently in the works.
The Buffalo Niagara region has had more BCP success stories that any other community in Upstate.
Since its inception, the BCP has leveraged more than 4,200 new jobs and over $700 million in new development in Western New York alone.
Failure to achieve a timely long-term extension would have seriously jeopardized dozens of projects currently in the pipeline and totally stalled any future brownfield redevelopment.
While we are celebrating our BCP victory, we are closely watching the other details of the budget agreement.
Stay tuned for a a full wrap-up of issues impacting the employer community in upcoming days.