NJDEP - SRP Brownfields Update 1998

New Brownfield Act and Statutory Amendments Encourage Redevelopment of Existing Industrial or Commercial Property

	Innocent Purchaser Protection — Provides a purchaser who investigates and remedies a property with a liability exemption from the Spill Compensation and Control Act.
	Covenant Not-to-Sue — NJDEP now includes language within its No Further Action letters stating it will not sue a property owner to require additional cleanup work for past contamination problems or previously undiscovered contamination once the property is remediated in accordance with Department guidance.
	Development of Presumptive Remedies — NJDEP will develop protective redevelopment remedies that may be implemented without prior NJDEP approval — helping to expedite redevelopment.
	Tax incentives — Enables reimbursement for up to 75 percent of the cost of remediation of contaminated sites from newly generated tax revenues.
	Incentives for Innovative Technology — Adds incentives for those who use innovative technology by eliminating a requirement that developers post financial assurances and dedicates five percent of Hazardous Discharge Site Remediation Fund grants for those using innovative technologies.
	Enhanced Information — Requires NJDEP to study contamination of state aquifers and investigate and map large areas of historic fill. The information would be accessible through the Geographic Information System (GIS) program.
	Lender Liability for Storage Tanks — Exempts lenders from liability for underground storage tanks provided that action is taken to empty and close the tanks.
	Environmental Opportunity Zone Amendment — Permits residential or other "productive" development in these zones where the prior law allowed only industrial or commercial reuse.


Prev	Table of Contents	Next

Disclaimers and Notices

Please send your comments regarding the design or function of the NJDEP SRP Web pages to: srpweb@dep.state.nj.us

Last revision: 20 May 1999