HomeMy WebLinkAbout1994 106 CC RESO1994 106 CC RESO (Ìì ´ < RESOLUTION NO. 94-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK IN SUPPORT OF THE ENVIRONMENTAL
REMEDIATION TAX CREDIT ACT H.R. 2340)
WHEREAS, cities and towns across the nation are burdened with the legacy of
abandoned contaminated industrial sites: and
WHEREAS, ultimately the clean-up and redevelopment of such sites must be made
economically attractive to the private sector for sustained redevelopment to occur; and
WHEREAS, the large costs involved in cleaning up these sites discourages the
private sector from redeveloping these properties; and
WHEREAS, consequently large tracts of land remain vacant, creating public health
risks and inviting fly-dumping and other illegal activities; and
WHEREAS, The Environmental Remediation Tax Credit Act, H.R. 2340, would
encourage private investment by offering tax credits and tax-exempt financing to
taxpayers who are not responsible for the condition of the site to clean up and redevelop
the site for commercial or industrial use; and
WHEREAS, to ensure compliance with the program, the first year the tax credit is
available to the taxpayer would be the year of completion of an approved clean up plan;
and
WHEREAS, to control costs, there is a national cap on the tax credit of $75 million
per year for a five-year program; and
WHEREAS, the credit portion of this legislation would generate approximately $1.5
billion in private capital investment over five years; and
WHEREAS, participating jurisdictions must have an established program that would
contribute to environmental remediation; and
WHEREAS, without these tax incentives, contaminated industrial sites will remain
polluted and economically unproductive for an indefinite period of time, while development
pressure will push urban areas ever outward, with negative consequences on open space
and the waste of already developed infrastructure; and
WHEREAS, H.R. 2340 joins together environmental clean up with job creation; and
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1994 106 CC RESO (Ìì ´ < RESOLUTION NO. 94-106
Page Two
WHEREAS, H.R. 2340 would be a cost effective and a successful tool in
leveraging private financing to remediate contaminated industrial sites,
NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors calls
on Congress and the President to pass and sign into law H.R. 2340.
APPROVED AND ADOPTED this 21st day of September, 1994.
ATTEST
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss:
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin Park do hereby certify that the
foregoing resolution was duly and regularly approved and adopted by the City Council of
the City of Baldwin Park at its regular meeting of the City Council on September 21,1994,
by the following vote:
AYES: MARTINEZ MUSE, GALLEGOS. LOWES, MAYOR VARGAS
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
BIB]
37650-U01
1994-U02
106-U02
CC-U02
RESO-U02
LI3-U03
FO1126-U03
FO1461-U03
DO1494-U03
C6-U03
RESO-U03
10/10/2001-U04
ADMIN-U04
RESO-U05
94-106-U05
SEP-U05
21-U05
1994-U05