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					    Renova Partners LLC

Land-Of-Sky Regional Brownfields Initiative
  The Business Of Brownfields In Today’s
               Economy
        “Changing the Equation”
          October 28th, 2010
Changing the Equation



  C+R<V
 COST + RETURN < VALUE
   Real estate firm specializing
    in the redevelopment of
    environmentally
    contaminated land
   Headquartered in Wellesley,
    Massachusetts
   National $300mm JV with
    Prudential Real Estate
   Principals have completed
    over 45 redevelopment
    projects having industrial,
    commercial and residential
    end uses
    Experienced Environmental Team
   Renova has demolished over 3,000,000 square feet of buildings and removed and
              recycled over 1,000,000 cubic yards of hazardous materials

– Johns Manville Asbestos Shingle Factory - Pittsburg, CA – 26 acre plant demolition
  program along with the excavation and removal of over 100,000 cy of asbestos impacted
  soil. Site was remediated for residential reuse. 3 active landfills on-site.

– Chevron Marine Oil Terminal - San Diego, CA. – Excavated 120,000 tons of petroleum-
  impacted soil from downtown San Diego. Project completed in seven weeks.

– Glatfelter Paper Mill –– Brevard, NC - This $50 million remediation of a two million square
  foot mill will convert a 550 acre site into a mixed-use development with residential, retail,
  resort and recreational components.
Former Ecusta Paper Mill
     Brevard, NC
                  Davidson River Village

•   Private investment cleaning our
    community
•   Working with NCDENR & EPA to
    ensure the highest quality clean-up
    and most stringent standards of safety
•   Integrated plan couples clean-up with
    mixed-use development
•   Redeveloping the Site while recycling
    and reusing over 95% of the existing
    plant components
•   Providing new public green space and
    a critical connection to the national
    forest for the community
•   Creating a destination development
    that will bring new jobs and new
    revenue to Transylvania County
Changing the Equation



  C+R<V
 COST + RETURN < VALUE
 Some Things Don’t Change
• Good Partners –
  – NCDENR, EPA, Prudential Real Estate
• Community Involvement –
  – City Of Brevard, Transylvania County,
    DesignWorkshop
• Communication/ Transparent Process
  – EPA & NCDENR Onsite oversight
  – Public Meeting
  – 24/7 Video coverage of the site
        New Ground Rules
• No speculative investments
• Define your land-use up front, and lock in
  your user
• See Equity, not Debt, as your primary
  funding source
                  C = Cost
•   Responsible Party involvement
•   Conduct more diligence
•   Partner with local Universities/Government
•   Partner with consultants and contractors
•   Tax Incentives
    – Investment Tax Credits
    – New Market Tax Credits
   R = Return On Investment
• Equity is patient money that gets paid at
  the end of the project
• Equity comes from many different sources
• Leverage your expertise through Joint
  Ventures
            V = Land Value
• Identify your land use up front
• Alternative re-uses
  – Scrap steel/Salvage
  – Renewable power generation
  – Data centers
• Work with local utilities looking for job
  growth
• Local EDC/DOC
  Brownfields to Brightfields
• Formed in 2009
• Bringing power
  professionals and
  environmentalists
  together
• Putting unused land into
  sustainable use
• Meeting community
  demand for green power
Typical Solar Field Layout
  Powering a Renewed Earth.

 • Solar Energy Facilities can be
installed on closed Brownfields as a
way to offset long-term operations
and maintenance costs and to
power on-site remedial activities

• Solar Energy Facilities can also
be utilized as part of the remedial
design for the closure of a
Brownfields site



                                       Schematic of solar installation atop existing capped landfill.
               Case Study
Industri-plex Superfund Site
  Woburn, MA
Industriplex Superfund Site
  Industriplex Superfund Site
• 5th Superfund site in America
• Historic tannery and glue factories caused the pollution
• Heavy metals and volatile organic compounds in the
  soils and groundwater
• Remedy enacted in 1994-2008
• Remaining contaminants consolidated on 40 acres of
  hide piles/landfills
• Proposed 2.5 megawatts of solar power
   – 250 homes powered
Industriplex Superfund Site




 “Before” and “After” studies of corporate Brownfield site in Woburn, Mass.
            Proposed solar field would reach 2.5 MW capacity.


                                                                          19
            Lessons Learned

                C+R<V
• Traditional Brownfields deals will not be back for the
  foreseeable future
• Banks are going to come back into land redevelopment
  very slowly
• We must innovate and “Change” all the factors in our
  business model
• Local developers always see opportunities first
• Lock in your land use and stick with it
Renova Partners LLC


       John B. Hanselman
jhanselman@renovapartners.com

				
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