The Brownfield Redevelopment Bonus Refund

How does the Brownfield Redevelopment Bonus Refund affect Florida businesses?

The Brownfield Redevelopment Bonus Refund is a government incentive offered by Florida to encourage the revitalization of contaminated, underutilized, and abandoned industrial properties, known as brownfields. Florida governments use this incentive to stimulate economic development, attract businesses, and create jobs in overlooked areas.

Florida-based businesses can benefit from this program by receiving tax refunds and financial incentives when participating in brownfield redevelopment. Specifically, companies can receive up to $2,500 per job created in a designated brownfield area as long as they meet the eligibility criteria set by the state. This incentive can help businesses reduce their tax liability and lower the overall development cost, making the redevelopment of Brownfields more appealing.

Need help regarding economic development incentives? Schedule your consultation today with a top economic development attorney.

Which Florida laws and regulations apply to the Brownfield Redevelopment Bonus Refund?

In Florida, the Brownfield Redevelopment Act (Florida Statutes Sections 376.79–376.84) governs the brownfield redevelopment process and establishes the Brownfield Redevelopment Bonus Refund program. This legislation aims to facilitate the rehabilitation of brownfield sites and encourage private sector participation in the redevelopment process.

Additionally, Florida’s Department of Environmental Protection (FDEP) oversees the implementation of the Brownfield Redevelopment Program and ensures compliance with the state’s environmental regulations. The FDEP works closely with local governments and businesses to provide guidance and support throughout the redevelopment process, ensuring that the projects meet the environmental and economic goals set by the state.

Which Florida businesses qualify?

Businesses must meet specific requirements:

• Located in a Designated Brownfield Area: Businesses must be within a designated Brownfield area, as recognized by Florida’s Department of Environmental Protection (FDEP) and local governments.
• Participation in a Brownfield Site Rehabilitation Agreement: Businesses must enter a Brownfield Site Rehabilitation Agreement (BSRA) with the FDEP, outlining the proposed remediation and redevelopment activities.
• Job Creation: Companies must create at least ten new, full-time jobs within the designated Brownfield area as a direct result of their investment in the redevelopment project.
• Compliance with Environmental Regulations: Businesses must adhere to all applicable state and federal environmental regulations throughout the redevelopment process.

When a set of facts is appropriate to meet the requirements of applying for grants, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

What are the strategic benefits for qualifying Florida businesses?

• Tax Refunds: Businesses can receive up to $2,500 per job created in a designated Brownfield area, reducing their tax liability and overall development cost.
• Increased Property Value: The successful redevelopment of Brownfield sites can lead to increased property values and enhanced marketability for businesses in these revitalized areas.
• Positive Community Impact: By investing in Brownfield redevelopment, businesses contribute to revitalizing underutilized areas, fostering economic growth, and improving local communities.
• Environmental Stewardship: Participating businesses can showcase their commitment to environmental sustainability by rehabilitating contaminated properties and adhering to environmental regulations.
• Access to Additional Funding: Brownfield redevelopment projects may be eligible for further financial incentives, grants, or low-interest loans offered by local, state, or federal agencies.
• Competitive Advantage: Successfully redeveloping a Brownfield site can help businesses differentiate themselves and enhance their reputation as environmentally responsible and community-focused entities.

Please contact our office to set up your initial consultation to see what actions or defenses may be available for your unique situation.

Frequently Asked Questions

1. How does a business initiate applying for the Brownfield Redevelopment Bonus Refund?

A business should first consult with local government officials and the FDEP to determine if they are within a designated brownfield area. If the location qualifies, the company must enter a BSRA with the FDEP, outlining the proposed remediation and redevelopment activities.

2. Can businesses receive other incentives in addition to the Brownfield Redevelopment Bonus Refund?

Yes, businesses undertaking Brownfield redevelopment projects may be eligible for additional financial incentives, grants, or low-interest loans offered by local, state, or federal agencies. Such incentives may include the Environmental Protection Agency’s Brownfields Program, which provides financial support for site assessment, cleanup, and redevelopment activities.

3. What is the timeline for receiving the Brownfield Redevelopment Bonus Refund after applying?

The timeline for receiving the Brownfield Redevelopment Bonus Refund can vary depending on the project’s complexity. After a business has entered a BSRA and met the job creation requirement, it can apply for the associated tax refund by submitting the necessary documentation to the Florida Department of Economic Opportunity. The refund will be granted after the department has reviewed the application and confirmed that all requirements are met. The actual disbursement timeline may vary depending on the state’s budgetary constraints and the progress of the redevelopment project.

Have more questions about an economic development-related situation?

Crucially, this overview of the Brownfield Redevelopment Bonus Refund does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain tireless advocates at every step. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.