Breathing New Life into Brownfields Redevelopment: UBTI Exclusions and Benefits

Originally published April 2005

The term "Brownfields," used to describe abandoned, idled or under-used industrial or commercial properties with real or perceived environmental contamination, is now wellentrenched in the American lexicon. However familiar the term, Brownfields redevelopment has not progressed as quickly as our nation’s leaders and business people would like or expected. In 2003, a total of 205 U.S. cities had 24,987 Brownfield sites still awaiting redevelopment, according to a survey by the U.S. Conference of Mayors. Redevelopment of these sites is projected to generate nearly 600,000 new jobs and contribute as much as $1.9 billion annually to the national economy. Nonetheless, these sites continue to languish, largely as a result of economic impediments to their redevelopment, including the expense and risks of remediation.