2004 Florida Statutes
Brownfield Property Ownership Clearance Assistance Revolving Loan Trust Fund.
(1) There is created the Brownfield Property Ownership Clearance Assistance Revolving Loan Trust Fund to be administered by the Office of Tourism, Trade, and Economic Development in the Executive Office of the Governor for the purposes of funding for low-interest loans for the purchase of outstanding, unresolved contractor liens, tax certificates, or other liens or claims on brownfield sites designated as part of a brownfield area by a local government under s. 376.80 The loans may be used for a negotiated settlement of legally recognized liens or claims at a value less than their face value taking into account the overall feasibility of redevelopment of the brownfield area.
(2) The trust fund must be used for the deposit of all moneys appropriated by the Legislature to fund this revolving loan program. All moneys in the fund that are not needed on an immediate basis for loans must be invested under s. 215.49 The principal and interest of all loans repaid and investment earnings must be deposited into the fund.
(3) The Office of Tourism, Trade, and Economic Development may make loans to local governments, community redevelopment agencies created under s. 163.356 or s. 163.357, or persons or nonprofit corporations responsible for brownfield site rehabilitation designated under s. 376.80, for the purposes described in subsection (1).
(4) The terms of loans made under this section may not exceed 5 years. The interest rate on loans may be no greater than that paid on the last bonds sold under s. 14, Art. VII of the State Constitution. A loan to any brownfield area may be no more than 25 percent of the total funds available for making loans during that fiscal year.
(5) The Office of Tourism, Trade, and Economic Development may adopt rules necessary to specify the application process and timing, determination of the overall economic feasibility of individual loan applications, and other aspects of carrying out the purposes of this section.
(6) For the 2003-2004 fiscal year only, and notwithstanding the provisions of subsection (1), moneys in the Brownfield Property Ownership Clearance Assistance Revolving Loan Trust Fund may also be used for the purpose of funding military base protection activities or rural defense fixed capital outlay infrastructure grants as provided in the General Appropriations Act. This subsection expires July 1, 2004.
History.--s. 1, ch. 98-118; s. 81, ch. 2003-399.