15.292 - BROWNFIELD REDEVELOPMENT PROGRAM. - Iowa Statutes

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