Question

Please paraphrase.

The NYC BCP oversees environmental cleanups
on lightly and moderately contaminated prop-
erties. It uses a streamlined and predictable
process and provides liability protection to land
owners and developers who enroll their proper-
ties. To ensure the highest-quality cleanups, we
adopted New York State’s cleanup standards
and oversee all projects with a team of City sci-
entists and engineers. We will establish new
ways to leverage the value of the high-quality
cleanups we render in order to minimize the risk
and uncertainty normally associated with brown-
field redevelopment. This will encourage more
transactions between landowners and develop-
ers, and more lending and financial investment
in brownfield properties.
We will establish programs to encourage lending
institutions to expand financing to parties seek-
ing to redevelop contaminated land and assist
community banks and other lenders that do not
have in-house staff to evaluate environmental
risk. We will enable these institutions to rely on
the NYC BCP to lower their risk when financing
mortgages or other property loans, such as
those for small business expansion.
Environmental risk is substantially lower for
cleanups under the NYC BCP, compared to
developer-directed cleanups. We will work with
insurance companies to deliver preferred envi-
ronmental insurance policies that offer better
coverage and lower premiums for sites enrolled
in the NYC BCP. To support this effort and
encourage land transactions on brownfields, the
BIG Program will allow grants to be used for pol-
lution legal liability insurance to protect develop-
ers and their financial institutions.

Answer 1

In order to carry out the environmental cleanup and redevelopment of lightly and moderately contaminated properties in New York City efficiently and with minimum risk the NYC BCP uses a team of quality scientists and engineers. Moreover, NYC BCP has also adopted the cleanup standards of New York to ensure high quality.

NYC BCP will help in capacity building to financial institutions so that they can evaluate environmental risk, in addition to encouraging such institutions to finance the redevelopment of contaminated properties. Moreover, to reduce the cost o redevelopment for the property owners, NYC BCP will also interact with insurance companies so that they offer better coverage under environmental insurance policies.