Revitalizing Secondary Market
Brownfield Sites
Author(s)
A. Bogen
Abstract
Brownfield sites in secondary markets will only be revitalized through public
investment. The market place has passed on these sites or never considered them
in the first place because they carry multiple burdens. They are in secondary
markets where land values and demographics are not strong. They can also be
too small, suspected of being too contaminated, have dilapidated structures and
owe too much in back taxes. These are conditions that will not be resolved
without significant long term public intervention and investment. The criteria
for this investment needs to be applied along with the commitment of the
marketplace to rebuild the sites if they are within certain economic parameters
after assessment. This is a discussion of how certain criteria are being applied in
an industrial city in the USA.
Keywords: public investment, delinquent taxes, access, value, liability.
1 Introduction
There are Brownfield sites that the marketplace has already passed on that will
only be restored with public financing. The burdens they carry will require
significant public investment. Public leadership will need to accept and advocate
nontraditional returns on that investment. The payback is in decades rather than
in 15 to 20 years. For these dark sites, there is only the option of public
investment to leverage them into reuse. Left alone, these sites will be a
continuous cause of disinvestment, degrading the neighborhoods and negatively
affecting the people who live near them. This paper lays out some of the
measurements that can be used to justify the tremendous investment that is
required.
Keywords
public investment, delinquent taxes, access, value, liability.
Related Book
Other papers in this volume
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