Senate Bill 1204c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1204
By the Committee on Natural Resources and Senator Latvala
312-1705-98
1 A bill to be entitled
2 An act relating to brownfield redevelopment;
3 creating the Brownfield Property Ownership
4 Clearance Assistance Revolving Loan Trust Fund
5 to be administered by the Office of Tourism,
6 Trade, and Economic Development; authorizing
7 the office to make loans for brownfield site
8 rehabilitation; specifying loan terms and
9 interest rates; providing rulemaking authority;
10 providing a contingent effective date.
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12 Be It Enacted by the Legislature of the State of Florida:
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14 Section 1. Brownfield Property Ownership Clearance
15 Assistance Revolving Loan Trust Fund.--
16 (1) There is created the Brownfield Property Ownership
17 Clearance Assistance Revolving Loan Trust Fund to be
18 administered by the Office of Tourism, Trade, and Economic
19 Development in the Executive Office of the Governor for the
20 purposes of funding for low-interest loans for the purchase of
21 outstanding, unresolved contractor liens, tax certificates, or
22 other liens or claims on brownfield sites designated as part
23 of a brownfield area by a local government under section
24 376.80, Florida Statutes. The loans may be used for a
25 negotiated settlement of legally recognized liens or claims at
26 a value less than their face value taking into account the
27 overall feasibility of redevelopment of the brownfield area.
28 (2) The trust fund must be used for the deposit of all
29 moneys appropriated by the Legislature to fund this revolving
30 loan program. All moneys in the fund that are not needed on an
31 immediate basis for loans must be invested under section
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1204
312-1705-98
1 215.49, Florida Statutes. The principal and interest of all
2 loans repaid and investment earnings must be deposited into
3 the fund.
4 (3) The Office of Tourism, Trade, and Economic
5 Development may make loans to local governments, community
6 redevelopment agencies created under section 163.356 or
7 section 163.357, Florida Statutes, or persons or nonprofit
8 corporations responsible for brownfield site rehabilitation
9 designated under section 376.80, Florida Statutes, for the
10 purposes described in subsection (1).
11 (4) The terms of loans made under this section may not
12 exceed 5 years. The interest rate on loans may be no greater
13 than that paid on the last bonds sold under Section 14,
14 Article VII of the State Constitution. A loan to any
15 brownfield area may be no more than 25 percent of the total
16 funds available for making loans during that fiscal year.
17 (5) The Office of Tourism, Trade, and Economic
18 Development may adopt rules necessary to specify the
19 application process and timing, determination of the overall
20 economic feasibility of individual loan applications and other
21 aspects of carrying out the purposes of this section.
22 Section 2. This act shall take effect on the effective
23 date of Senate Bill 1202, but it shall not take effect unless
24 it is enacted by a three-fifths vote of the membership of each
25 house of the Legislature and unless SB 1202, 1998 Regular
26 Session, becomes a law.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1204
312-1705-98
1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 SB 1204
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4 The committee substitute makes a couple of technical
amendments to clarify the term "brownfield sites" and to
5 correct a reference. It also inserts in the effect date
section the number of the bill that must pass before this bill
6 can become effective. That bill number is SB 1202.
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