| 2 | The Committee on Finance & Tax recommends the following: |
| 3 |
|
| 4 | Committee Substitute |
| 5 | Remove the entire bill and insert: |
| 6 | A bill to be entitled |
| 7 | An act relating to rehabilitation of contaminated sites; |
| 8 | amending s. 376.30781, F.S.; increasing the tax credit for |
| 9 | rehabilitation of drycleaning-solvent-contaminated sites |
| 10 | and brownfield sites in designated brownfield areas; |
| 11 | increasing the maximum amount that a tax credit applicant, |
| 12 | or multiple tax credit applicants working jointly to clean |
| 13 | up a single site, may be granted per year in tax credits |
| 14 | for each site voluntarily rehabilitated; increasing the |
| 15 | total annual amount of contaminated site rehabilitation |
| 16 | tax credits allocated by the Department of Environmental |
| 17 | Protection; amending ss. 199.1055 and 220.1845, F.S.; |
| 18 | increasing the amount of the contaminated site |
| 19 | rehabilitation tax credit; increasing the maximum amount |
| 20 | that a tax credit applicant, or multiple tax credit |
| 21 | applicants working jointly to clean up a single site, may |
| 22 | be granted per year in tax credits for each site |
| 23 | voluntarily rehabilitated; increasing the total annual |
| 24 | amount a municipality, county, or other tax credit |
| 25 | applicant which voluntarily rehabilitates a site may |
| 26 | receive per year in tax credits which it can subsequently |
| 27 | transfer to specified entities; increasing the total |
| 28 | amount of tax credits which may be granted annually; |
| 29 | amending s. 288.107, F.S.; revising the definition of |
| 30 | "eligible business" with respect to brownfield |
| 31 | redevelopment bonus refunds; authorizing the Office of |
| 32 | Tourism, Trade, and Economic Development to waive the |
| 33 | fixed capital investment requirement for an eligible |
| 34 | business for specified projects; providing conditions and |
| 35 | requirements with respect to such waiver; amending s. |
| 36 | 376.79, F.S.; revising the definition of "brownfield |
| 37 | sites"; amending s. 376.80, F.S.; revising a condition |
| 38 | under which a local government is required to designate a |
| 39 | brownfield area; revising a required component of a |
| 40 | brownfield site rehabilitation agreement; revising a |
| 41 | requirement of a contractor performing site rehabilitation |
| 42 | program tasks; revising contractor requirements that must |
| 43 | be certified to the Department of Environmental |
| 44 | Protection; revising and providing additional insurance |
| 45 | requirements; amending s. 376.82, F.S.; revising |
| 46 | terminology with respect to eligibility to participate in |
| 47 | the brownfield rehabilitation program; providing immunity |
| 48 | from liability for a county for preexisting soil or |
| 49 | groundwater contamination of a property that escheats to |
| 50 | the county; authorizing a county and the Department of |
| 51 | Environmental Protection to enter into a written agreement |
| 52 | for the performance, funding, and reimbursement of |
| 53 | investigative and remedial acts necessary for a property |
| 54 | that escheats to the county; amending s. 376.86, F.S.; |
| 55 | revising provisions with respect to the investment of |
| 56 | specified funds under the Brownfield Areas Loan Guarantee |
| 57 | Program; providing that such funds shall be derived from |
| 58 | the Inland Protection Trust Fund rather than the |
| 59 | Nonmandatory Land Reclamation Trust Fund; revising certain |
| 60 | restrictions on the investment of such funds; |
| 61 | providing for future legislative review of the Brownfield |
| 62 | Areas Loan Guarantee Program; providing an effective date. |
| 63 |
|
| 64 | Be It Enacted by the Legislature of the State of Florida: |
| 65 |
|
| 66 | Section 1. Paragraphs (a) and (b) of subsection (2) and |
| 67 | subsections (3), (4), (7), and (9) of section 376.30781, Florida |
| 68 | Statutes, are amended to read: |
| 69 | 376.30781 Partial tax credits for rehabilitation of |
| 70 | drycleaning-solvent-contaminated sites and brownfield sites in |
| 71 | designated brownfield areas; application process; rulemaking |
| 72 | authority; revocation authority.-- |
| 73 | (2)(a) A credit in the amount of 40 35 percent of the |
| 74 | costs of voluntary cleanup activity that is integral to site |
| 75 | rehabilitation at the following sites is allowed pursuant to ss. |
| 76 | 199.1055 and 220.1845: |
| 77 | 1. A drycleaning-solvent-contaminated site eligible for |
| 78 | state-funded site rehabilitation under s. 376.3078(3); |
| 79 | 2. A drycleaning-solvent-contaminated site at which |
| 80 | cleanup is undertaken by the real property owner pursuant to s. |
| 81 | 376.3078(11), if the real property owner is not also, and has |
| 82 | never been, the owner or operator of the drycleaning facility |
| 83 | where the contamination exists; or |
| 84 | 3. A brownfield site in a designated brownfield area under |
| 85 | s. 376.80. |
| 86 | (b) A tax credit applicant, or multiple tax credit |
| 87 | applicants working jointly to clean up a single site, may not be |
| 88 | granted more than $400,000 $250,000 per year in tax credits for |
| 89 | each site voluntarily rehabilitated. Multiple tax credit |
| 90 | applicants shall be granted tax credits in the same proportion |
| 91 | as their contribution to payment of cleanup costs. Tax credits |
| 92 | are available only for site rehabilitation conducted during the |
| 93 | calendar year for which the tax credit application is submitted. |
| 94 | (3) The Department of Environmental Protection shall be |
| 95 | responsible for allocating the tax credits provided for in ss. |
| 96 | 199.1055 and 220.1845, not to exceed a total of $3.5 $2 million |
| 97 | in tax credits annually. |
| 98 | (4) To claim the credit for site rehabilitation conducted |
| 99 | during the current calendar year, each tax credit applicant must |
| 100 | apply to the Department of Environmental Protection for an |
| 101 | allocation of the $3.5 $2 million annual credit by January 15 of |
| 102 | the following year on a form developed by the Department of |
| 103 | Environmental Protection in cooperation with the Department of |
| 104 | Revenue. The form shall include an affidavit from each tax |
| 105 | credit applicant certifying that all information contained in |
| 106 | the application, including all records of costs incurred and |
| 107 | claimed in the tax credit application, are true and correct. If |
| 108 | the application is submitted pursuant to subparagraph(2)(a)2., |
| 109 | the form must include an affidavit signed by the real property |
| 110 | owner stating that it is not, and has never been, the owner or |
| 111 | operator of the drycleaning facility where the contamination |
| 112 | exists. Approval of partial tax credits must be accomplished on |
| 113 | a first-come, first-served basis based upon the date complete |
| 114 | applications are received by the Division of Waste Management. A |
| 115 | tax credit applicant shall submit only one complete application |
| 116 | per site for each calendar year's site rehabilitation costs. |
| 117 | Incomplete placeholder applications shall not be accepted and |
| 118 | will not secure a place in the first-come, first-served |
| 119 | application line. To be eligible for a tax credit, the tax |
| 120 | credit applicant must: |
| 121 | (a) Have entered into a voluntary cleanup agreement with |
| 122 | the Department of Environmental Protection for a drycleaning- |
| 123 | solvent-contaminated site or a Brownfield Site Rehabilitation |
| 124 | Agreement, as applicable; and |
| 125 | (b) Have paid all deductibles pursuant to s. |
| 126 | 376.3078(3)(e) for eligible drycleaning-solvent-cleanup program |
| 127 | sites. |
| 128 | (7) The Department of Environmental Protection shall |
| 129 | review the tax credit application and any supplemental |
| 130 | documentation that the tax credit applicant may submit prior to |
| 131 | the annual application deadline in order to have the application |
| 132 | considered complete, for the purpose of verifying that the tax |
| 133 | credit applicant has met the qualifying criteria in subsections |
| 134 | (2) and (4) and has submitted all required documentation listed |
| 135 | in subsection (5). Upon verification that the tax credit |
| 136 | applicant has met these requirements, the department shall issue |
| 137 | a written decision granting eligibility for partial tax credits |
| 138 | (a tax credit certificate) in the amount of 40 35 percent of the |
| 139 | total costs claimed, subject to the $400,000 $250,000 |
| 140 | limitation, for the calendar year for which the tax credit |
| 141 | application is submitted based on the report of the certified |
| 142 | public accountant and the certifications from the appropriate |
| 143 | registered technical professionals. |
| 144 | (9) If a tax credit applicant does not receive a tax |
| 145 | credit allocation due to an exhaustion of the $3.5 $2 million |
| 146 | annual tax credit authorization, such application will then be |
| 147 | included in the same first-come, first-served order in the next |
| 148 | year's annual tax credit allocation, if any, based on the prior |
| 149 | year application. |
| 150 | Section 2. Paragraphs (a), (b), and (f) of subsection (1) |
| 151 | of section 199.1055, Florida Statutes, are amended to read: |
| 152 | 199.1055 Contaminated site rehabilitation tax credit.-- |
| 153 | (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.-- |
| 154 | (a) A credit in the amount of 40 35 percent of the costs |
| 155 | of voluntary cleanup activity that is integral to site |
| 156 | rehabilitation at the following sites is available against any |
| 157 | tax due for a taxable year under s. 199.032, less any credit |
| 158 | allowed by former s. 220.68 for that year: |
| 159 | 1. A drycleaning-solvent-contaminated site eligible for |
| 160 | state-funded site rehabilitation under s. 376.3078(3); |
| 161 | 2. A drycleaning-solvent-contaminated site at which |
| 162 | cleanup is undertaken by the real property owner pursuant to s. |
| 163 | 376.3078(11), if the real property owner is not also, and has |
| 164 | never been, the owner or operator of the drycleaning facility |
| 165 | where the contamination exists; or |
| 166 | 3. A brownfield site in a designated brownfield area under |
| 167 | s. 376.80. |
| 168 | (b) A tax credit applicant, or multiple tax credit |
| 169 | applicants working jointly to clean up a single site, may not be |
| 170 | granted more than $400,000 $250,000 per year in tax credits for |
| 171 | each site voluntarily rehabilitated. Multiple tax credit |
| 172 | applicants shall be granted tax credits in the same proportion |
| 173 | as their contribution to payment of cleanup costs. Subject to |
| 174 | the same conditions and limitations as provided in this section, |
| 175 | a municipality, county, or other tax credit applicant which |
| 176 | voluntarily rehabilitates a site may receive not more than |
| 177 | $400,000 $250,000 per year in tax credits which it can |
| 178 | subsequently transfer subject to the provisions in paragraph |
| 179 | (g). |
| 180 | (f) The total amount of the tax credits which may be |
| 181 | granted under this section and s. 220.1845 is $3.5 $2 million |
| 182 | annually. |
| 183 | Section 3. Paragraphs (a), (b), and (g) of subsection (1) |
| 184 | of section 220.1845, Florida Statutes, are amended to read: |
| 185 | 220.1845 Contaminated site rehabilitation tax credit.-- |
| 186 | (1) AUTHORIZATION FOR TAX CREDIT; LIMITATIONS.-- |
| 187 | (a) A credit in the amount of 40 35 percent of the costs |
| 188 | of voluntary cleanup activity that is integral to site |
| 189 | rehabilitation at the following sites is available against any |
| 190 | tax due for a taxable year under this chapter: |
| 191 | 1. A drycleaning-solvent-contaminated site eligible for |
| 192 | state-funded site rehabilitation under s. 376.3078(3); |
| 193 | 2. A drycleaning-solvent-contaminated site at which |
| 194 | cleanup is undertaken by the real property owner pursuant to s. |
| 195 | 376.3078(11), if the real property owner is not also, and has |
| 196 | never been, the owner or operator of the drycleaning facility |
| 197 | where the contamination exists; or |
| 198 | 3. A brownfield site in a designated brownfield area under |
| 199 | s. 376.80. |
| 200 | (b) A tax credit applicant, or multiple tax credit |
| 201 | applicants working jointly to clean up a single site, may not be |
| 202 | granted more than $400,000 $250,000 per year in tax credits for |
| 203 | each site voluntarily rehabilitated. Multiple tax credit |
| 204 | applicants shall be granted tax credits in the same proportion |
| 205 | as their contribution to payment of cleanup costs. Subject to |
| 206 | the same conditions and limitations as provided in this section, |
| 207 | a municipality, county, or other tax credit applicant which |
| 208 | voluntarily rehabilitates a site may receive not more than |
| 209 | $400,000 $250,000 per year in tax credits which it can |
| 210 | subsequently transfer subject to the provisions in paragraph |
| 211 | (h). |
| 212 | (g) The total amount of the tax credits which may be |
| 213 | granted under this section and s. 199.1055 is $3.5 $2 million |
| 214 | annually. |
| 215 | Section 4. Paragraph (e) of subsection (1) and paragraph |
| 216 | (b) of subsection (3) of section 288.107, Florida Statutes, are |
| 217 | amended to read: |
| 218 | 288.107 Brownfield redevelopment bonus refunds.-- |
| 219 | (1) DEFINITIONS.--As used in this section: |
| 220 | (e) "Eligible business" means: |
| 221 | 1. A qualified target industry business as defined in s. |
| 222 | 288.106(1)(o); or |
| 223 | 2. A business that can demonstrate a fixed capital |
| 224 | investment of at least $2 million in mixed-use business |
| 225 | activities, including multiunit housing, commercial, retail, and |
| 226 | industrial in brownfield areas and which provides benefits to |
| 227 | its employees, unless the fixed capital investment requirement |
| 228 | is waived pursuant to paragraph (3)(b). |
| 229 | (3) CRITERIA.--The minimum criteria for participation in |
| 230 | the brownfield redevelopment bonus refund are: |
| 231 | (b) The completion of a fixed capital investment of at |
| 232 | least $2 million in mixed-use business activities, including |
| 233 | multiunit housing, commercial, retail, and industrial in |
| 234 | brownfield areas, by an eligible business applying for a refund |
| 235 | under paragraph (2)(b) which provides benefits to its employees. |
| 236 | The office may waive the fixed capital investment requirement at |
| 237 | the request of the local governing body recommending the project |
| 238 | and Enterprise Florida, Inc. The fixed capital investment |
| 239 | requirement may only be waived for a project located in a rural |
| 240 | city or county, community redevelopment area, enterprise zone, |
| 241 | or empowerment zone, and only when the merits of the individual |
| 242 | project or the specific circumstances in the community in |
| 243 | relationship to the project warrant such action. If the local |
| 244 | governing body and Enterprise Florida, Inc., make such a |
| 245 | recommendation, it must be transmitted in writing and the |
| 246 | specific justification for the waiver recommendation must be |
| 247 | explained. If the director elects to waive the fixed capital |
| 248 | investment requirement, the waiver must be stated in writing and |
| 249 | the reasons for granting the waiver must be explained. |
| 250 | Section 5. Subsection (3) of section 376.79, Florida |
| 251 | Statutes, is amended to read: |
| 252 | 376.79 Definitions relating to Brownfields Redevelopment |
| 253 | Act.--As used in ss. 376.77-376.85, the term: |
| 254 | (3) "Brownfield sites" means real property, the expansion, |
| 255 | redevelopment, or reuse of which may be sites that are generally |
| 256 | abandoned, idled, or underused industrial and commercial |
| 257 | properties where expansion or redevelopment is complicated by |
| 258 | actual or perceived environmental contamination. |
| 259 | Section 6. Paragraph (b) of subsection (2), paragraph (c) |
| 260 | of subsection (5), paragraph (b) of subsection (6), and |
| 261 | subsection (7) of section 376.80, Florida Statutes, are amended |
| 262 | to read: |
| 263 | 376.80 Brownfield program administration process.-- |
| 264 | (2) |
| 265 | (b) A local government shall designate a brownfield area |
| 266 | under the provisions of this act provided that: |
| 267 | 1. A person who owns or controls a potential brownfield |
| 268 | site is requesting the designation and has agreed to |
| 269 | rehabilitate and redevelop the brownfield site; |
| 270 | 2. The rehabilitation and redevelopment of the proposed |
| 271 | brownfield site will result in economic productivity of the |
| 272 | area, along with the creation of at least 10 new permanent jobs |
| 273 | at the brownfield site, whether full-time or part-time, which |
| 274 | are not associated with the implementation of the brownfield |
| 275 | site rehabilitation agreement and are not associated with |
| 276 | redevelopment project demolition or construction activities |
| 277 | pursuant to the redevelopment agreement required under |
| 278 | paragraph(5)(i) or an agreement, between the person responsible |
| 279 | for site rehabilitation and the local government with |
| 280 | jurisdiction, which contains terms for the redevelopment of the |
| 281 | brownfield site or brownfield area; |
| 282 | 3. The redevelopment of the proposed brownfield site is |
| 283 | consistent with the local comprehensive plan and is a |
| 284 | permittable use under the applicable local land development |
| 285 | regulations; |
| 286 | 4. Notice of the proposed rehabilitation of the brownfield |
| 287 | area has been provided to neighbors and nearby residents of the |
| 288 | proposed area to be designated, and the person proposing the |
| 289 | area for designation has afforded to those receiving notice the |
| 290 | opportunity for comments and suggestions about rehabilitation. |
| 291 | Notice pursuant to this subsection must be made in a newspaper |
| 292 | of general circulation in the area, at least 16 square inches in |
| 293 | size, and the notice must be posted in the affected area; and |
| 294 | 5. The person proposing the area for designation has |
| 295 | provided reasonable assurance that he or she has sufficient |
| 296 | financial resources to implement and complete the rehabilitation |
| 297 | agreement and redevelopment plan. |
| 298 | (5) The person responsible for brownfield site |
| 299 | rehabilitation must enter into a brownfield site rehabilitation |
| 300 | agreement with the department or an approved local pollution |
| 301 | control program if actual contamination exists at the brownfield |
| 302 | site. The brownfield site rehabilitation agreement must include: |
| 303 | (c) A commitment to conduct site rehabilitation in |
| 304 | accordance with department quality assurance rules an approved |
| 305 | comprehensive quality assurance plan under department rules; |
| 306 | (6) Any contractor performing site rehabilitation program |
| 307 | tasks must demonstrate to the department that the contractor: |
| 308 | (b) Has obtained the necessary approvals for conducting |
| 309 | sample collection and analyses pursuant to approval for the |
| 310 | comprehensive quality-assurance plan prepared under department |
| 311 | rules. |
| 312 | (7) The contractor who is performing the majority of the |
| 313 | site rehabilitation program tasks pursuant to a brownfield site |
| 314 | rehabilitation agreement or supervising the performance of such |
| 315 | tasks by licensed subcontractors in accordance with the |
| 316 | provisions of s. 489.113(9) must certify to the department that |
| 317 | the contractor: |
| 318 | (a) Complies with applicable OSHA regulations. |
| 319 | (b) Maintains workers' compensation insurance for all |
| 320 | employees as required by the Florida Workers' Compensation Law. |
| 321 | (c) Maintains comprehensive general liability coverage |
| 322 | with limits of not less than $1 million per occurrence and $2 |
| 323 | million general aggregate for bodily injury and property damage |
| 324 | and comprehensive automobile liability coverage insurance with |
| 325 | minimum limits of not less than at least $2 $1 million combined |
| 326 | single limit. The contractor shall also maintain pollution |
| 327 | liability coverage with limits of not less than $3 million |
| 328 | aggregate for personal injury or death, $1 million per |
| 329 | occurrence for personal injury or death, and $1 million per |
| 330 | occurrence for property damage. The contractor's certificate of |
| 331 | insurance shall name per claim and $1 million annual aggregate, |
| 332 | sufficient to protect it from claims for damage for personal |
| 333 | injury, including accidental death, as well as claims for |
| 334 | property damage which may arise from performance of work under |
| 335 | the program, designating the state as an additional insured |
| 336 | party. |
| 337 | (d) Maintains professional liability insurance of at least |
| 338 | $1 million per claim occurrence and $1 million annual aggregate. |
| 339 | (e) Has the capacity to perform or directly supervise the |
| 340 | majority of the work at a site in accordance with s. 489.113(9). |
| 341 | Section 7. Subsection (1) of section 376.82, Florida |
| 342 | Statutes, is amended, and paragraph (l) is added to subsection |
| 343 | (2) of said section, to read: |
| 344 | 376.82 Eligibility criteria and liability protection.-- |
| 345 | (1) ELIGIBILITY.--Any person who has not caused or |
| 346 | contributed to the contamination of a brownfield site on or |
| 347 | after July 1, 1997, is eligible to participate in the brownfield |
| 348 | rehabilitation program established in ss. 376.77-376.85, subject |
| 349 | to the following: |
| 350 | (a) Potential brownfield sites that are subject to an |
| 351 | ongoing formal judicial or administrative enforcement action or |
| 352 | corrective action pursuant to federal authority, including, but |
| 353 | not limited to, the Comprehensive Environmental Response |
| 354 | Compensation and Liability Act, 42 U.S.C. ss. 9601 et seq., as |
| 355 | amended; the Safe Drinking Water Act, 42 U.S.C. ss. 300f-300i, |
| 356 | as amended; the Clean Water Act, 33 U.S.C. ss. 1251-1387, as |
| 357 | amended; or under an order from the United States Environmental |
| 358 | Protection Agency pursuant to s. 3008(h) of the Resource |
| 359 | Conservation and Recovery Act, as amended (42 U.S.C.A. s. |
| 360 | 6928(h)); or that have obtained or are required to obtain a |
| 361 | permit for the operation of a hazardous waste treatment, |
| 362 | storage, or disposal facility; a postclosure permit; or a permit |
| 363 | pursuant to the federal Hazardous and Solid Waste Amendments of |
| 364 | 1984, are not eligible for participation unless specific |
| 365 | exemptions are secured by a memorandum of agreement with the |
| 366 | United States Environmental Protection Agency pursuant to |
| 367 | paragraph (2)(g). A brownfield site within an eligible |
| 368 | brownfield area that subsequently becomes subject to formal |
| 369 | judicial or administrative enforcement action or corrective |
| 370 | action under such federal authority shall have its eligibility |
| 371 | revoked unless specific exemptions are secured by a memorandum |
| 372 | of agreement with the United States Environmental Protection |
| 373 | Agency pursuant to paragraph (2)(g). |
| 374 | (b) Persons who have not caused or contributed to the |
| 375 | contamination of a brownfield site on or after July 1, 1997, and |
| 376 | who, prior to the department's approval of a brownfield site |
| 377 | rehabilitation agreement, are subject to ongoing corrective |
| 378 | action or enforcement under state authority established in this |
| 379 | chapter or chapter 403, including those persons subject to a |
| 380 | pending consent order with the state, are eligible for |
| 381 | participation in a brownfield site rehabilitation agreement |
| 382 | corrective action if: |
| 383 | 1. The proposed brownfield site is currently idle or |
| 384 | underutilized as a result of the contamination, and |
| 385 | participation in the brownfield program will immediately, after |
| 386 | cleanup or sooner, result in increased economic productivity at |
| 387 | the site, including at a minimum the creation of 10 new |
| 388 | permanent jobs, whether full-time or part-time, which are not |
| 389 | associated with implementation of the brownfield site |
| 390 | rehabilitation agreement corrective action plan; and |
| 391 | 2. The person is complying in good faith with the terms of |
| 392 | an existing consent order or department-approved corrective |
| 393 | action plan, or responding in good faith to an enforcement |
| 394 | action, as evidenced by a determination issued by the department |
| 395 | or an approved local pollution control program. |
| 396 | (c) Potential brownfield sites owned by the state or a |
| 397 | local government which contain contamination for which a |
| 398 | governmental entity is potentially responsible and which are |
| 399 | already designated as federal brownfield pilot projects or have |
| 400 | filed an application for designation to the United States |
| 401 | Environmental Protection Agency are eligible for participation |
| 402 | in a brownfield site rehabilitation agreement corrective action. |
| 403 | (d) After July 1, 1997, petroleum and drycleaning |
| 404 | contamination sites shall not receive both restoration funding |
| 405 | assistance available for the discharge under this chapter and |
| 406 | any state assistance available under s. 288.107. Nothing in this |
| 407 | act shall affect the cleanup criteria, priority ranking, and |
| 408 | other rights and obligations inherent in petroleum contamination |
| 409 | and drycleaning contamination site rehabilitation under ss. |
| 410 | 376.30-376.319, or the availability of economic incentives |
| 411 | otherwise provided for by law. |
| 412 | (2) LIABILITY PROTECTION.-- |
| 413 | (l) When a property, including a brownfield site, escheats |
| 414 | to a county, the county is not subject to any liability imposed |
| 415 | by this chapter or chapter 403 for preexisting soil or |
| 416 | groundwater contamination due solely to its ownership. However, |
| 417 | this paragraph does not affect the rights or liabilities of any |
| 418 | past or future owners of the escheated property and does not |
| 419 | affect the liability of any governmental entity for the results |
| 420 | of its actions that create or exacerbate a pollution source. |
| 421 | The county and the Department of Environmental Protection may |
| 422 | enter into a written agreement for the performance, funding, and |
| 423 | reimbursement of the investigative and remedial acts necessary |
| 424 | for a property that escheats to the county. |
| 425 | Section 8. Subsections (3) and (8) of section 376.86, |
| 426 | Florida Statutes, as amended by section 56 of chapter 2003-399, |
| 427 | Laws of Florida, are amended to read: |
| 428 | 376.86 Brownfield Areas Loan Guarantee Program.-- |
| 429 | (3) The council may enter into an investment agreement |
| 430 | with the Department of Environmental Protection and the State |
| 431 | Board of Administration concerning the investment of the |
| 432 | earnings accrued and collected upon the investment of the |
| 433 | balance of funds maintained in the Inland Protection Trust Fund |
| 434 | Nonmandatory Land Reclamation Trust Fund. The investment must be |
| 435 | limited as follows: |
| 436 | (a) Not more than $5 million of the investment earnings |
| 437 | earned on the investment of the minimum balance of the Inland |
| 438 | Protection Trust Fund Nonmandatory Land Reclamation Trust Fund |
| 439 | in a fiscal year may be at risk at any time on loan guarantees |
| 440 | or as loan loss reserves. Of that amount, 15 percent shall be |
| 441 | reserved for investment agreements involving predominantly |
| 442 | minority-owned businesses which meet the requirements of |
| 443 | subsection (4). |
| 444 | (b) Such funds at risk at any time The investment earnings |
| 445 | may not be used to guarantee any loan guaranty or loan loss |
| 446 | reserve agreement for a period longer than 5 years. |
| 447 | (8) The council shall provide an annual report to the |
| 448 | Legislature by February 1 of each year describing its activities |
| 449 | and agreements approved relating to redevelopment of brownfield |
| 450 | areas. This section shall be reviewed by the Legislature by |
| 451 | January 1, 2007 October 1, 2003, and a determination made |
| 452 | related to the need to continue or modify this section. New loan |
| 453 | guarantees may not be approved in 2007 2003 until the review by |
| 454 | the Legislature has been completed and a determination has been |
| 455 | made as to the feasibility of continuing the use of the Inland |
| 456 | Protection Trust Fund Nonmandatory Land Reclamation Trust Fund |
| 457 | to guarantee portions of loans under this section. |
| 458 | Section 9. This act shall take effect July 1, 2004. |