At issue is a component of the Clean Air Act called "new source review," which requires the installation of modern pollution controls whenever industrial plants undergo renovations beyond "routine" maintenance.
They have now undertaken a costly renovation, going beyond the health code requirements, to ensure that they can pass and continue to operate.
If renovation is beyond your budget, a new home could be the economically sound decision.
But income-producing commercial projects would get the biggest boost from the credit and, in turn, would generate revenue for the state through sales taxes on construction materials, wage taxes paid by workers during the renovation and beyond, and tax revenue from tourism and business.
Of course, some of old Shanghai's destruction is truly progress: much of the city's housing stock had deteriorated beyond renovation at reasonable cost.
At 18 Gramercy Park, a beyond-high-end renovation project featuring 4,000-square-foot 4,000-square-foot 4,000-square-foot model apartments were staged by a company called Clos-ette.
But the renovation project goes well beyond the maintenance obligation.
Across the five boroughs and beyond, the renovation business, which fell victim to tightening credit, declining home sales and overall economic misfortune, is starting to pick up.
Renovation has a beneficial effect beyond the renovated home, because it increases property values in the neighbourhood.
And the Smithsonian American Art Museum closed in January 2000 for a renovation that has not progressed beyond interior demolition.
