Summary:
On June 18, 2007, City Council approved the establishment of a Brownfield Advisory Committee to serve as the statutorily mandated advisory committee to City Council to fulfill the requirements of Section 376.80 of the Florida Statutes and all laws, rules and regulations related thereto.
On April 12, 2016, the Advisory Committee met to discuss the redevelopment and remediation of a site at 1203 W. Robinson Street. City staff presented information to the Advisory Committee regarding the redevelopment plan, the findings of the environmental assessment and the proposed course of action for additional assessment and remediation of the site. The Advisory Committee recommended that the City enter into a Brownfield Site Remediation Agreement (BSRA) with the Florida Department of Environmental Protection (FDEP) in the form attached hereto. Under the terms of the BSRA, the City would receive expedited review by FDEP of information, reports and permit applications associated with this remediation. The City would also be eligible to receive corporate income tax credits for up to 50% of the investigation, sampling, monitoring and remediation costs, up to $500,000 annually. These credits are a marketable commodity and are currently returning approximately eighty to ninety cents on the dollar. In addition, the City would also be eligible for a one-time credit of 25% of total expenditures for assessment and remediation, up to a total of $500,000, once the entire site has received a site rehabilitation completion order from the FDEP. |
Fiscal & Efficiency Data:
The passage of this agenda item will allow the City to receive corporate income tax credits for up to 50% of the investigation, sampling, monitoring and remediation costs, up to $500,000 annually, and a one-time credit of 25% of total expenditures for assessment and remediation, up to a total of $500,000, once the entire site has received a site rehabilitation completion order from the FDEP.
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