The purpose of Florida’s Brownfields Redevelopment Act is to reduce public health and environmental hazards on existing sites and create financial incentives to encourage voluntary cleanup and redevelopment of sites.
On September 6, 2018 the contractor for the Collins Park Garage project uncovered five underground storage tanks during construction that require removal, as well as contamination assessment and remediation.
On November 14, 2018, the City Commission adopted Resolution No. 2018-30611, designating the real property located at 340 23 Street and 2200 Liberty Avenue (Collins Park Garage) as a Brownfield Area pursuant to Florida Statutes Section 376.80(2)(a), allowing eligible costs incurred within subsequent fiscal years to be eligible for Voluntary Cleanup Tax Credits.
The Voluntary Cleanup Tax Credits program was created to encourage participants to conduct voluntary cleanup of designated Brownfield Areas. Under this program, the City can recuperate a percentage of remediation costs through the program. In 2018, the City incurred $135,240.87 of remediation costs for the Collins Park Garage project, that are eligible to be sold as part of the Voluntary Cleanup Tax Credits program.
In January 2021, the City retained Fallbrook Tax Credits LLC to sell eligible Voluntary Cleanup Tax Credits for the Collins Park Garage to J.B. Hunt Transport, Inc., for the total price of $125,097.80, based upon a value of $.0925 per dollar of tax credit (“purchase price”), which, after paying Fallbrook the Placement fee of $1,690.51, the City will net a total of $123,407.29.