Environmental
The Rhode Island DEM administers the Industrial Property Remediation and Reuse Act primarily to:
AEncourage industrial development in coastal zones
BFacilitate cleanup and redevelopment of contaminated industrial properties (brownfields)✓ Correct
CTax industrial properties at higher rates
DRegulate industrial noise and air quality only
Explanation
Rhode Island's Industrial Property Remediation and Reuse Act establishes a voluntary remediation program to encourage brownfield cleanup and redevelopment by providing regulatory certainty and liability protection to parties who clean up contaminated industrial properties.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
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