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Essay on Brownfield (Real Estate)
Brownfield (Real Estate) development taken by local planners and economic developers that has involved site-specific strategies aimed at public acquisition of a contaminated property and/or provision of direct incentives to private parties for specific pollution responses. Typically, when the owner of an abandoned site defaults on property taxes, the title goes to the local government.
The municipality then must remediate the contamination or try to find a private developer who is willing to do so. This effort usually employs standard economic development strategies (e.g., tax incentives, direct loans, land value write-downs, site assembly, etc.). In return for their subsidies, local governments or development agencies often seek to dictate, or at least influence, the type of use to which the reclaimed site will be put.
A partial solution to this public policy dilemma may be found in observing the behavior of private entrepreneurs who have been attracted to the Brownfield development arena by the existence of an artificially created market conducive to their success. Private companies who have been attracted to Brownfield generation are responsible for the vast majority of major Brownfield cleanups that have been conducted without massive public subsidy (up to and including 100% of cleanup costs). At the U.S. Environmental Protection Agency's (EPA's) 1996, 1997, and 1998 annual conferences, the programs held to showcase Brownfield reclamation efforts covered primarily major private sector-led regeneration projects carried out by such entrepreneurs. While the majority of developments are well less than 1 acre and do not involve such firms, the large projects account for a highly visible segment of the market and for a large percentage of the total Brownfield acreage developed. The three largest companies engaged in Brownfield development each invest more capital in Brownfield projects annually than does any one state government, and among them may invest more than the states as a whole....
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