15.292 - BROWNFIELD REDEVELOPMENT PROGRAM.
15.292 BROWNFIELD REDEVELOPMENT PROGRAM.
1. The department shall establish and administer a brownfield
redevelopment program for purposes of providing financial and
technical assistance for the acquisition, remediation, or
redevelopment of brownfield sites. Financial assistance under the
program shall be provided from the brownfield redevelopment fund
created in section 15.293. Technical assistance under the program
shall be in the form of providing an applicant with assistance in
identifying other alternative forms of assistance for which the
applicant may be eligible.
2. A person owning a site may apply for assistance under the
program if the site for which assistance is sought meets the
definition of a brownfield site and the applicant has secured
sponsorship prior to applying. Sponsorship is not required if the
applicant is a city or county.
3. a. A person who is not an owner of a site may apply for
financial assistance under the program if the site for which
financial assistance is sought meets the definition of a brownfield
site and the applicant has secured sponsorship prior to applying.
Sponsorship is not required if the applicant is a city or county.
b. Prior to applying for financial assistance under this
subsection, an applicant shall enter into an agreement with the owner
of the brownfield site for which financial assistance is sought. The
agreement shall be submitted with an application for financial
assistance and shall include, at a minimum, the following:
(1) An agreement regarding the estimated total cost for
remediating the brownfield site.
(2) An agreement that the owner shall transfer title of the
property to the applicant upon completion of the remediation of the
property.
(3) An agreement that, upon the subsequent sale of the property
by the applicant to a person other than the original owner, the
original owner shall receive not more than seventy-five percent of
the estimated total cost of remediation.
c. An applicant shall not receive financial assistance of
more than twenty-five percent of the agreed-upon estimated total cost
of remediation.
d. Upon the subsequent sale of the property by the applicant
to a person other than the original owner, the applicant shall repay
the department for financial assistance received by the applicant.
The repayment shall be in an amount equal to the sales price less the
amount paid to the original owner pursuant to the agreement between
the applicant and the original owner. The repayment amount shall not
exceed the amount of financial assistance received by the applicant.
4. An application for assistance under the program shall include
any information required by the department including, but not limited
to, all of the following:
a. A business plan which includes a remediation plan.
b. A budget for remediating or redeveloping the site.
c. A statement of purpose describing the intended use of and
proposed repayment schedule for any financial assistance received by
the applicant.
d. Evidence of sponsorship.
5. In reviewing an application for financial assistance, the
department and the brownfield redevelopment advisory council
established in section 15.294 shall consider all of the following:
a. Whether the brownfield site meets the definition of a
brownfield site.
b. Whether other alternative forms of assistance exist for
which the applicant may be eligible.
6. The board may approve, deny, or defer each application for
financial assistance from the brownfield redevelopment fund created
in section 15.293. Section History: Recent Form
2000 Acts, ch 1101, §2
Referred to in § 15.293