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Economic Development - Essay Example

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Economic Development Instructor: Task: Date: Through statistical data taken recently, the Government Accountability Office estimates that Brownfield’s sites range from four hundred and fifty thousand to one million in the United States of America. Brownfield’s are sites or locations that are perceived to be contaminated or hazardous…
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Economic Development Essay
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Economic Development

Download file to see previous pages... The existence of these incentives programs is made possible by the sole fact that the Brownfield program can help in boosting tax revenue, creating jobs, reducing environmental hazards, promoting general economic health and cleaning up neighborhood eyesores. Without a doubt, real estate redevelopment in any country is a complex undertaking. It doesn’t matter whether the land in question is either clean or contaminated, bottom line is that the processes of assembling land, financing and planning of redevelopment encounters many challenges. There have been different responses to the reuse of contaminated property due to political, cultural and economic differences. Each nation has a different approach to Brownfield since it shaped by the degree to which it is burdened by properties which are contaminated, as well as other factors such as population density, land availability, historic preservation objectives and other governmental priorities. But given the diversity of American States and towns, these tools and approaches- to be modified as needed- may provide new ideas to practitioners within the United States. ...
BEDI grant funds are emphasized on a particular use and primarily targeted for use on the redevelopment of Brownfields sites in economic development projects and the increase of economic opportunities for low and moderate income persons as part of the creation or retention of businesses, jobs and increases in the local tax base. The stimulus for private sector parties and local governments to go on and foresee the redevelopment is the BEDI funds. They as well as continue phased redevelopment on brownfield sites where either potential or actual environment conditions are known and there is existence of redevelopment plans. There is an emphasis by the HUD on the use of BEDI and the section 108 loan guarantee funds to finance activities and projects that have the ability to produce results after a short while and bring about economic benefits. Applications on whose scope is limited to factors such as site acquisition, no immediately planned redevelopment or remediation are not encouraged by the HUD. Through the BEDI funds, enhancement of security and improvement of the viability of a project especially if it is financed with a new section 108 guaranteed loan commitments. The BEDI program is seen as possible way to spur the return of brownfields to productive economic use through financial assistance to public entities in the redevelopment of brownfields. It as well enhances the security and improvement of the viability of a project which has the financing of section 108 guaranteed loan authorities. Hence, due to this, the BEDI grants must be used in conjunction with a new section 108 guaranteed loan commitment. Section 108 is the loan guarantee provision of the Community Development Block Grant (CDBG) program. It is ...Download file to see next pagesRead More
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