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The Florida Senate

2004 Florida Statutes

Section 376.87, Florida Statutes 2004

376.87  Brownfield Property Ownership Clearance Assistance.--

(1)  The Legislature recognizes that some brownfield redevelopment projects are more difficult to redevelop due to the existence of various types of liens on the property and complications from previous ownership having declared bankruptcy. Oftentimes lienholders on brownfield property are reluctant to foreclose on the property out of concern for liability questions and may be willing to settle for a reduced value on their lien to clear up any of their rights to the property and to clear the way for organized efforts by a private and public partnership to revitalize and redevelop brownfield areas.

(2)  The Legislature recognizes that a revolving loan fund could assist in the early stages of redeveloping brownfields by helping to clear prior liens on the property through a negotiated process. Such a revolving loan fund could be repaid in later years from the resale of brownfield properties following site rehabilitation and other activities that will enhance the properties' ultimate value.

History.--s. 15, ch. 98-75.