Additional Benefits for Prospective Purchasers
Persons who enter the Program prior to purchasing a brownfield property are eligible for additional benefits. Early involvement promotes a better understanding of contaminant issues, leading to informed decision making. This approach decreases the likelihood of surprises that could negatively impact the time and cost of addressing contamination.
- Exemption from the Hazardous Waste Tax is granted to prospective purchasers.
- Another benefit is the protection offered by a cleanup cost increase limitation; there is a 30% cost cap on Corrective Action Plan amendments.
- Early program withdrawal is possible for prospective purchasers at any time, provided the site has been stabilized and they are complying with 10 VSA 6644.
- Personal release from liability is possible in the form of a Certificate of Completion for perspective purchasers, however this COC will not transfer to subsequent property owners.
- Finally, an early enrollee has the ability to obtain a Certificate of Completion as soon as cleanup is substantially complete.
In summary, this Program allows developers and the state to work collaboratively to achieve closure of environmental cleanup issues. Access to technical and financial resources enables developers to leverage their investment and fill funding gaps in today’s tight credit markets.