Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: January 11, 2022
The Firm
201-896-4100 info@sh-law.comOn December 6, 2021, the New Jersey Economic Development Authority (NJEDA) announced that the new Brownfields Impact Fund will launch later this winter. The program will provide grant funding and low-interest loans to public sector and non-profit organizations, as well as low-interest loans to for-profit organizations, to carry out cleanup activities at brownfield sites throughout the state. Potential applicants for the Brownfields Impact Fund can pre-qualify now by visiting https://www.njeda.com/brownfieldsimpactfund/.
Brownfields are former commercial or industrial sites that are vacant or underutilized and are suspected or known to be contaminated. These properties have a negative impact on New Jersey’s economy because they lower property values, decrease employment opportunities, and lead to a loss of tax revenue. Brownfields are diverse in terms of shape, size, contamination level, and location. A brownfield can be a large, former industrial property or small, local site such as an abandoned gas station in a downtown area.
The Brownfields Impact Fund is a pilot program, funded by a U.S. Environmental Protection Agency (EPA) Revolving Loan Fund (RLF) grant, that will provide $800,000 in funding for entities to carry out cleanup activities at brownfield sites. The goal is to address funding gaps to make the remediation phase of the project financially viable and foster the redevelopment of brownfield sites for productive reuse. Loans and sub-grants will be available in amounts up to $350,000.
Entities eligible for loans include both for-profit and nonprofit organizations, as well as local governments. Meanwhile, subgrants may be awarded to nonprofit organizations and local governments.
Loans or subgrants can’t be provided to entities who caused or contributed to the contamination of the property. Specifically, this program excludes: individuals or entities responsible for, or individuals or entities who have common ownership or control with entities responsible for, any existing environmental contamination at the site or any individuals or entities that have indemnified a responsible party or a party who has common ownership or control with a responsible party.
Loan and grant recipients must also meet the EPA site control and eligibility requirements. For loans, borrowers must be able to demonstrate site control or a path to site control of a brownfield property. For subgrants, subgrantees must own the brownfield property at the time of the application and award of subgrant as well as must retain ownership of the site throughout the period of performance of the subgrant and must consult with NJEDA and EPA Project Officer prior to transferring title or otherwise conveying the real property compromising the site.
Loans and/or subgrants will be available to fund the eligible environmental cleanup activities (not assessment or investigation). Below is a list of eligible activities:
Funding will be available on a rolling basis, first-come, first-served, based on the readiness of the application and the availability of funds. Potential applicants for the Brownfields Impact Fund can pre-qualify now by visiting https://www.njeda.com/brownfieldsimpactfund/. Eligible applicants will be invited to complete a full application.
For the initial 90 days after program launch, only applications for projects located in the Community Collaborative Initiative (CCI) communities will be considered. Thereafter, the program will be open throughout the state. Prior to closing, NJEDA will submit loans and subgrants to USEPA for applicant, activity and site eligibility.
If you have any questions or if you would like to discuss your potential eligibility for this program, please contact me, Monica Schroeck, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!