Environmental
In New York, a 'Certificate of Completion' issued under the Brownfield Cleanup Program (BCP) is significant because it:
ACertifies that the property is suitable for any use, including residential with no restrictions
BProvides liability protection for the developer (and future owners) from state environmental claims related to contamination addressed in the cleanup✓ Correct
CRequires the property owner to maintain the site in perpetuity
DAllows the property to be excluded from property tax assessment
Explanation
A Certificate of Completion (COC) issued by the NY DEC upon successful completion of a brownfield cleanup under the BCP provides liability protection (a 'release') from state environmental claims related to the contamination that was addressed. It also makes the developer eligible for brownfield tax credits. The COC is a major incentive for voluntary brownfield cleanup in New York.
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