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Lawrence Company Redeems $30k from Brownfield Tax Credit Program

Prospect Iron and Steel Corporation is a family company that was started by the grandfather and granduncle of current vice president Bob Nash more than 92 years ago. After 87 years in Somerville, Prospect Iron and Steel moved their scrap recycling business to Lawrence, Massachusetts in 2014, a move prompted by an eminent domain taking to allow the Massachusetts Bay Transportation Authority (MBTA) Green Line to move into Somerville.

Before purchasing the property, the company performed due diligence activities and determined that the property on Medford Street they planned to purchase was contaminated. The company’s environmental professional determined that the cause of contamination was historic commercial and industrial uses of the property including fuel oil storage, auto sales and auto salvage operations. This contamination did not dissuade Prospect Iron and Steel Corporation from purchasing the property, but they knew an environmental cleanup would be required by the state.

Cooperstown Environmental LLC (Cooperstown) was hired to assist in applying for and monetizing a Massachusetts Brownfields Tax Credit for the remediation of this property. The Massachusetts Brownfields Tax Credit program is intended to incentivize companies to take on the responsibility of properties contaminated by prior uses when they are used for commercial purposes. Cooperstown Environmental is the leading authority in the tax credit program and assisted Prospect Iron and Steel, in applying for and obtaining this credit.  Prospect Iron and Steel received more than $30,000 of brownfields tax credits issued by the Massachusetts Department of Revenue (DOR). Cooperstown purchased the credits at the end of the process, providing a turnkey solution to the company, allowing Prospect Iron and Steel to use the proceeds to offset the significant site remediation costs required to remediate this property and return it to productive use, benefitting both the Lawrence economy and the environment.

Have you conducted remediation for contamination that you did not cause? You might be eligible to get money back through Brownfields Tax Credit program and our mission is to help you take advantage of this opportunity. As the acknowledged authority in the Massachusetts Brownfield Tax Credit, we’re your best choice to guide you through the complexities of the program. Please contact us to find out if you are a candidate to get back some of your hard-earned money.