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Connecticut Brownfields Redevelopment Project
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Business New Haven
3/18/2002
By: BNH
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The Connecticut Brownfields Redevelopment Project generates money through selling bonds that are later repaid using a portion of the property tax revenues taken from the redevelopment projects they finance. The proceeds from the sale of these bonds are used as up-front cash incentives to developers and/or equity investments in the projects themselves.
The goal of the program is to reclaim and rehabilitate old, environmentally impacted industrial sites (brownfields) resulting in increased jobs and tax revenue for municipalities and the state.
The program also hopes to place Connecticut at the fore of the "new economy," giving developers incentive to initiate information technology projects in specific areas of Connecticut that most need the economic stimulation. Many of these areas qualify as severely "stressed communities," although certain big cities meet the criteria for investment as well.
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