Redevelopment of brownfield sites is a core element of “Smart Growth” or “Sustainability” initiatives that are being launched by local governments across the country and in New York in particular. New York State has one of the most ambitious brownfield programs, and New York City recently became the first city to implement its own local brownfield program. This course will provide students with an understanding of the common elements of federal and local brownfield programs, including the various kinds of financial incentives that are available from these brownfield programs. In addition to these substantive concepts, students will go through a simulated brownfield application process where they will learn how to help clients identify what sites might be suitable candidates for these programs, and how to manage the pre-application and application process from the perspective of the various parties to a brownfield project (i.e., purchaser, seller, lender, community group). Students will be evaluated by their participation in class and a final exam.
Prerequisite: Real Estate Transactions and Finance