Jeffrey Campbell June 13, 2024
The New Jersey Economic Development Authority (NJEDA) kicked off the new $300M Brownfield Redevelopment Incentive Program (BRIP) in 2023 to provide funding for the redevelopment of under-utilized real estate in New Jersey. The Program will award up to $50M per year to fund project tasks from assessment through remediation, including demolition costs. BRIP funds can be stacked with other EDA incentive programs, and the tax credit issued by BRIP is transferable. Eligibility is very broad and the applicant does not need to own the property. Applications are reviewed and scored by EDA, and the highest score receives a one-time tax credit issued the year the remediation is complete.
The Program’s first window for applications was from June to September 2023. Peak Environmental, A Nova Group, GBC Company worked with Robert Crespi of Chiesa Shahinian & Giantomasi PC (“CSG Law”) to manage technical and legal aspects of the developer’s BRIP application package submittal. The BRIP application was approved by both the NJEDA and the NJDEP on May 8, 2023 making it the first project to successfully obtain funding from this program.
To support the application, Peak provided due diligence services and conducted site characterization tasks necessary to prepare a remediation cost estimate and schedule. Peak confirmed discharges occurred, provided an LSRP to oversee the project, evaluated possible off-site migration of contaminants, and identified building material risks. With the funding phase of the project complete, Peak will implement a remedial investigation, select a final remediation strategy that meets NJDEP’s green remediation requirements, obtain permits needed, and execute the remedial action. Since the tax credit is issued on completion of the remediation, planning and completing remedial actions on redevelopment projects in the Program is critical.
Peak has a consistent record of success managing environmental issues for real estate developers during their planning and implementation stages for redevelopment projects across the region. Peak has the resources and experience necessary to advance projects through the technical process, including a full suite of remediation technologies for soil, groundwater and vapor. We can support your next project by providing cost-effective solutions to environmental conditions associated with all property types
NJEDA Press Release Contact Eric Schlauch Back to News CSG Blog