House Bill 4441e1

                                      HB 4441, First Engrossed/ntc



  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 the purchase of

  8         certain liens or claims on brownfield sites

  9         designated for redevelopment; specifying loan

10         terms and interest rates; providing rulemaking

11         authority; providing a contingent effective

12         date.

13

14  Be It Enacted by the Legislature of the State of Florida:

15

16         Section 1.  Brownfield Property Ownership Clearance

17  Assistance Revolving Loan Trust Fund.--

18         (1)  There is created the Brownfield Property Ownership

19  Clearance Assistance Revolving Loan Trust Fund to be

20  administered by the Office of Tourism, Trade, and Economic

21  Development in the Executive Office of the Governor for the

22  purposes of funding for low-interest loans for the purchase of

23  outstanding, unresolved contractor liens, tax certificates, or

24  other liens or claims on brownfield sites designated as part

25  of a brownfield area by a local government under s. 376.80,

26  Florida Statutes. The loans may be used for a negotiated

27  settlement of legally recognized liens or claims at a value

28  less than their face value, taking into account the overall

29  feasibility of redevelopment of the brownfield area.

30         (2)  All moneys appropriated by the Legislature to fund

31  this revolving loan program shall be deposited in the trust


                                  1

CODING: Words stricken are deletions; words underlined are additions.






                                      HB 4441, First Engrossed/ntc



  1  fund. All moneys in the fund that are not needed on an

  2  immediate basis for loans shall be invested pursuant to s.

  3  215.49, Florida Statutes. The principal and interest of all

  4  loans repaid and investment earnings shall be deposited into

  5  the trust fund.

  6         (3)  The Office of Tourism, Trade, and Economic

  7  Development may make loans to local governments, community

  8  redevelopment agencies created under s. 163.356 or s. 163.357,

  9  Florida Statutes, or persons or nonprofit corporations

10  responsible for brownfield site rehabilitation designated

11  under s. 376.80, Florida Statutes, for the purposes described

12  in subsection (1).

13         (4)  The terms of loans made under this section shall

14  not exceed 5 years. The interest rate on loans shall be no

15  greater than that paid on the last bonds sold under s. 14,

16  Art. VII of the State Constitution. A loan to any brownfield

17  area shall be no more than 25 percent of the total funds

18  available for making loans during that fiscal year.

19         (5)  The Office of Tourism, Trade, and Economic

20  Development may adopt rules necessary to specify the

21  application process and timing, determination of the overall

22  economic feasibility of individual loan applications, and

23  other aspects of carrying out the purposes of this section.

24         Section 2.  This act shall take effect on the effective

25  date of House Bill 4435, but it shall not take effect unless

26  it is enacted by a three-fifths vote of the membership of each

27  house of the Legislature and unless HB 4435, 1998 Regular

28  Session, becomes a law.

29

30

31


                                  2