Office of Economic Development

What are brownfields?

Brownfields are real property where the expansion, redevelopment, or reuse of which may be complicated by the presence or perceived presence of a hazardous substance, pollutant, or contaminant.

Assessment, Cleanup Tools and Financing Technical Assistance and assistance in assessing potential site contamination is available through the Office of Economic Development. We can also assist you in applying for EPA Brownfields assessments or clean up grants.

HUD Brownfields Economic Development Initiative (BEDI) grant applications and Community Development Block Grant Section 108 housing loan application. BEDI grant funds are primarily targeted for use with a particular emphasis upon the redevelopment of brownfields sites in economic development projects and the increase of economic opportunities for low-and moderate income persons as part of the creation or retention of businesses, jobs and increases in the local tax base.

New Market Tax Credits promote economic development in rural and urban low-income communities by increasing the amount of investment capital available. The City of Denver, in partnership with the Colorado Housing and Finance Authority and the Colorado Enterprise Fund, offers New Markets Tax Credit financing through the Colorado Growth and Revitalization (CGR) Fund, a community development entity. Since 2005, the CGR Fund has used $75 million NMTCs to help finance projects in underserved communities throughout Colorado. 

Colorado Brownfields Revolving Loan Fund offers financing with reduced interest rates, flexible loan terms, and flexibility in acceptable forms of collateral. All cleanups financed through the fund must have previous approval under the Colorado Department of Public Health and Environment's Voluntary Cleanup Program. The City of Denver is a loan fund board member.

 

Colorado Dept. of Public Health and Environment - Colorado Brownfields

 

Brownfields Revolving Loan Fund Announcement

 

Tax Increment Financing (TIF) is a method of municipal support for private development projects that is aimed at eliminating symptoms of urban blight. TIF allows municipal governments to subsidize projects by issuing bonds to pay for certain up-front development expenses, such as land acquisition and road construction, and then use the increased property tax revenues from the redeveloped property to pay the principal and interest on the bonds.

Federal Brownfields Tax Incentive is an income tax credit for companies that redevelop brownfields. A maximum of $100,000 credit per property is available, broken down as 50% of the first $100,000 spent on cleanup, 30% of the next $100,000 and 20% of the third $100,000. To be eligible, the property must be located in a municipality with a population of 10,000 or more persons. Review for the cleanup plan and the associated costs will be done through the Colorado Department of Public Health and Environment's Voluntary Cleanup Program, which will provide the certification required to obtain the tax credit from the Colorado Department of Revenue.

CO Brownfields Income Tax Credit is a federal tax credit for brownfields redevelopment. Under this program, environmental cleanup costs are fully deductible business expenses in the year in which costs are incurred or paid, through January 1, 2011. The taxpayer must receive a statement from the Colorado Department of Public Health and Environment for properties located in Colorado.

Brownfields' Sites