Incentivizing Brownfields

"Forty-three banks turned down developer Jeff Lee before he landed a loan to transform the polluted site of a former United Parcel Service depot into the first million-dollar condos in downtown Los Angeles... Lee, who has since sold all but one unit at his upscale Flower Street Lofts near Staples Center, sees a profitable future in turning old factories, long-abandoned warehouses and other less-than-pristine real estate into badly needed urban housing."

"As proposed by Cedillo, the measure would encourage the development of brownfields by spelling out the obligations of developers to clean up soil pollution caused by previous owners. However, the bill would limit the future legal liability of developers to treat tainted underground water as long as that water is not used for drinking and does not pose a threat to human health or safety."

Thanks to Chris Steins