environmental Strategist, between the lines: Brownfields for insurance agents are like annuities. Let me expand on this, first you help them with the pollution insurance for financial assurance (refer to attached document) and once they complete the Brownfield, there is a need for P&C insurance products to protect the new development.
A majority of cities and counties have Brownfield redevelopment boards. These boards will post their Brownfield information online and it is an excellent resource for prospecting. You can find online minutes from Brownfield meetings that will list Brownfield projects in your area, developers of the brownfields and all other information you need in order to sell environmental liability insurance.
Brownfields – Americas largest untapped Urban resource
The U.S. Conference of Mayors (USCM) today released a national report on the status of Brownfield sites in 150 American cities. Brownfields are abandoned or underutilized properties where expansion or redevelopment is complicated by either real or perceived environmental contamination.
The redevelopment of Brownfield’s is a key component to a sustainable community. Cities across the nation have learned to do more with less, but these difficult economic times have made new developments on brownfields even more challenging’ said Long Beach Mayor Bob Foster, Chair of the Conference’s Environmental Committee.
‘Congress and EPA’s Brownfields Program has provided tools, but Mayors need additional assistance with the redevelopment of these properties that will create new jobs and preserve city green space.’
Cities also estimated that Brownfield properties comprised of 60,417 acres of land, representing potential new jobs and land tax revenue. More then 120 cities estimated that 3,035 sites have been ‘mothballed,’ which is defined as sites where the current owner has no intention of redeveloping or selling due to environmental concerns. At mothballed sites, owners would prefer to have the land remain idle and unused rather than turn these sites over for development.
Elizabeth (NJ) Mayor J. Christian Bollwage, Co-Chair of the Conference’s Brownfield’s Task Force, commented on the benefits of brownfields development. ‘Cities who were experiencing a redevelopment renaissance and residential boom are now facing economic decline and an increase in foreclosed properties.’
There is still a renewed interest in developing city centers where residents can move closer to their jobs and reduce commuting costs. Brownfield properties are still a value in redevelopment, with an increase in green technology and the reduction of energy costs, cities are finding it easier to redevelop and remediate properties then start from scratch.
‘I believe the program will benefit cities with jobs on land that is already close to the cities core. This is the only way to truly grow in a sustainable manner. To use previously used land and put it back into positive use,’ said Mayor Bollwage.
Other highlights of the survey findings include:
- Over 46 percent of the survey respondents stated that if Brownfield’s were redeveloped, they could realize nearly $688 million to $1.66 billion annually in additional tax revenues.
- 106 cities responded that over 230,223 new jobs could be created on brownfields sites if their brownfield sites were redeveloped, an increase of 39,000 from last year’s report.
- There were 59 cities that reported 75,000 new jobs have already been created from redeveloped Brownfield’s. These jobs include 19,761 pre-development and 55,085 jobs post development.
More than one-half of the cities surveyed reported offering incentives to encourage brownfields redevelopment through tax credits, low interest loans, and infrastructure upgrades. Additionally, the Conference’s survey found that many states are working with cities on Brownfield issues, but few city-state partnerships deal with the issue of sprawl that could result from broad redevelopment.
West Palm Beach (FL) Mayor Lois J. Frankel, Co-Chair of the United States Conference of Mayors Brownfield’s Task Force, explained how brownfields have been a very important part of the city’s growth.
‘Brownfield’s provide a wonderful tool for urban and city center redevelopment. In today’s economy the search for additional resources is imperative and through Brownfield redevelopment additional jobs and a growth in the tax base are two benefits cities can strive for. Communities are reborn and the environment is restored, in many cases, preserving precious green and open space.’ She concluded.
The entire brownfields report will be posted on the Conference’s website at www.usmayors.org.