Brownfield Redevelopment Progress Ahead!
www.burlingtonbrownfields.com
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History
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Funding
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The City of Burlington has been working to reinvigorate it's downtown through redevelopment of vacant or underutilized properties for more than a decade. Several properties have environmental conditions limiting redevelopment. Consequently, the City has sought and received EPA funding in 2016 to address environmentally challenged properties.
OpportunityThe quality of the building stock in downtown Burlington is exceptional. The area boasts five historic districts. With the expansion of Mississippi riverfront amenities, building stock renovations, cleanup of the large Dresser Rand and improved transportation linkages Burlington's growth opportunities seem boundless.
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EPA has selected the City of Burlington for two brownfields assessment
grants. Community-wide hazardous substances and petroleum grant funds will be used to conduct 30 to 40 Phase I and 12 to 16 Phase II environmental site assessments. Grant funds also will be used to support cleanup planning and conduct community outreach activities. Projects
Most projects to be addressed under the City Brownfield Program will be within Downtown Burlington comprised of the city’s Self Supported Municipal Improvement District boundaries, plus the adjacent former Dresser Rand Property. This area covers approximately 45 city blocks, 144 acres of land, and 5 historic districts. This target area was identified through the technical assistance provided by EPA region 7 in July of 2014.
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The City of Burlington, Iowa is on a path toward economic redevelopment of it's downtown. We hope you will be a part of this transformative journey to preserve our heritage while fostering a more innovative and prosperous community. "
All the Tools You Need to Succeed
Burlington Planning and Development along with the Brownfield Partner Group and the Southeast Iowa Regional Planning Commission are working to bring in federal and state funding to address brownfields. The current EPA Assessment Grant can be used to conduct environmental due diligence on behalf of prospective property purchasers that have an identified end use and redevelopment plan assembled for a given site. Historic tax credits are available for historic properties and redevelopment tax credits are available through the state of Iowa on a competitive basis. Other downtown improvements designed to leverage and enhance private sector investment are being financed through the downtown Self Supporting Municipal Improvement District (SSMID).
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Private sector investment and redevelopment is also being encouraged on brownfield properties through Tax Abatement incentives. Tax abatement is a reduction in the property taxes which would otherwise be payable on the actual value added to a property due to qualified improvement. The reduction only applies to the additional taxes resulting from the increase in assessed value of the property due to the improvement. Under urban revitalization the taxes relating to the assessed value of the property prior to the improvement cannot be reduced and will continue unabated.
How do I apply for tax abatement? Applications must be completed by the owner. Application forms may be obtained here. |