MADISON (WI) On March 4, Gov. Tony Evers signed into law legislation that was introduced by State Rep. Dave Armstrong, R-Rice Lake, and State Sen. Robert Cowles. This legislation will make important economic development tools known to be environmental rehabilitation tax increment districts (ERTIDs), cost-effective.
I am pleased to see the bipartisan supportSenate Bill 518The legislative process was enjoyable and continued when Governor Evers signed it into effect.Act 149Representative Armstrong said that. The old law allowed a developer to be included in an ERTID.Remediation of outdoor pollution will be compensatedYou can find out more about a property.However, it is not possible to contain and remove hazardous materials that are indoors.Despite the potential for such materials being released into our environment during redevelopment. Asbestos, for instance, is very expensive to manage safely. Therefore, many developers won’t do projects involving asbestos elimination. As a result, asbestos-ridden structures can sit idle for years, blighting surrounding communities.
Act 149 addresses this issue by expanding the definitions of environmental pollution used for ERTID purposes to include materials such as asbestos and leadIfArmstrong stated that harmful substances could be released into the environment while a structure is being redeveloped. Act 149 will allow the costs of containing these materials to be covered. This will make redevelopment projects more affordable and more attractive to potential developers. This will enable more blighted property to be put to good use and benefit the community in many ways including increased housing.
