“2.5-acre American Bag & Metal site in Syracuse is now clean and ready for development .” New York Real Estate Journal. Apr. 24 — 30, 2007: 16 C.
It was a long road to clean up for the American Bag & Metal property, located on the Inner Harbor of Onondaga Lake in Syracuse, but S&W Redevelopment of North America, LLC was able to complete the task and bring new life to one of Syracuse’s former industrial areas.
Acquired in 2002, after nearly two years of negotiation, S&W Redevelopment tackled buried paint waste, PCBs and metals on this 2.5-acre former scrap yard adjacent to Onondaga Creek and the Inner Harbor of Syracuse’s Onondaga Lake. S&W began investigation of the site under NYSDEC’s Voluntary Cleanup Program (VCP) and later transitioned the site to the Brownfield Cleanup Program (BCP) when the new program was introduced in 2003.
After successfully completing final cleanup actions during the summer of 2006, S&W received a Certificate of Completion (COC) from the State of New York certifying that cleanup had been performed to the satisfaction of NYSDEC. The COC was one of 24 issued by NYSDEC in 2006, and one of seven secured by S&W on sites it either owns or has cleaned up on behalf of other developers. S&W, along with future property owners, will not only receive liability protection with the receipt of this COC, but also significant refundable income tax credits based on monies spent for remediation and future development of the site. All costs associated with the development of a brownfield site that has received a COC are eligible for refundable income tax credits ranging from 10-22% of the total cost of site improvements. These improvements include, but are not limited to, infrastructure, buildings, parking areas and landscaping.
American Bag & Metal is part of a former industrial area that is undergoing revitalization in the city. It is adjacent to what will be the DestiNY USA development area.
S&W is a brownfield acquisition and redevelopment company. S&W buys contaminated properties, uses its own capital for investigation and cleanup, and prepares the site for sale or redevelopment to a higher and better use.