California Code of Regulations
Title 4 - Business Regulations
Division 11 - California Pollution Control Financing Authority
Article 9 - California Recycle Underutilized Sites (Cal Reuse) Program
Subarticle 1 - Calreuse Brownfield Assessment Program
Section 8097 - Loan Extensions, Loan Forgiveness and Conditions for Forgiven Loans

Universal Citation: 4 CA Code of Regs 8097

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) Loan Extensions. Upon written request received from the Borrower, the maturity of a Loan may be extended by the Strategic Partner if both of the following conditions are met:

(1) The Borrower clearly demonstrates that it is unable to complete the Brownfield Project by the end of the Loan term, and

(2) The Borrower clearly demonstrates how the Brownfield Project can be completed in the additional time requested.

(b) Loan Forgiveness. Upon written request from the Borrower, a Loan may be forgiven by the Strategic Partner if the Borrower, acting reasonably and in good faith, fails to complete the Brownfield Project or proceed with development of the Brownfield.

(1) The Borrower's execution of a written agreement whereby:

(A) The Borrower promises that in the event the Borrower subsequently causes (i) the issuance of either a grading permit or a building permit for the Brownfield or (ii) sells or transfers (including, without limitation, an option to purchase or a contract of purchase) all or part of the Brownfield, the Borrower will repay the forgiven balance of the Loan (and the Strategic Partner shall receive and deliver such funds in accordance with Section 8096(c)); and

(B) The Borrower promises that if it recovers damages from a person who is liable for the release, threatened release, presence or existence of a Hazardous Material at the Brownfield, any money so recovered shall be used first by the Borrower to repay the forgiven balance of the Loan, except that the Borrower shall be permitted to retain fees and costs incurred in recovering the damages.

(2) The Borrower's delivery of documentation to the Strategic Partner evidencing that the Borrower has complied with all applicable laws, including but not limited to statutes, rules, and regulations, administrative orders and agreements, judicial orders, and consent decrees that apply to the Brownfield and relate to or arise from the site assessment and characterization, Planning for Remediation of Hazardous Materials, and remediation of the Brownfield. Such documentation shall include evidence that the Borrower has complied with any applicable requirement to obtain oversight and approval from an Oversight Agency.

(3) The Borrower's delivery of the Final Report to the Strategic Partner as required by Section 8095(n).

(4) The Borrower's delivery to the Strategic Partner of the certification as required by Section 8095(p).

1. New section filed 8-13-2001 as an emergency; operative 8-13-2001 (Register 2001, No. 33). Pursuant to Health and Safety Code section 44520, a Certificate of Compliance must be transmitted to OAL by 2-11-2002 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 8-13-2001 order, including amendment of subsections (a) and (c)(1)(A), transmitted to OAL 2-8-2002 and filed 3-21-2002 (Register 2002, No. 12).
3. Amendment of NOTE filed 2-29-2008 as an emergency; operative 2-29-2008 (Register 2008, No. 9). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 8-27-2008 or emergency language will be repealed by operation of law on the following day.
4. Amendment of NOTE refiled 8-25-2008 as an emergency; operative 8-27-2008 (Register 2008, No. 35). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 11-24-2008 or emergency language will be repealed by operation of law on the following day.
5. Amendment of NOTE refiled 11-24-2008 as an emergency; operative 11-24-2008 (Register 2008, No. 48). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 2-23-2009 or emergency language will be repealed by operation of law on the following day.
6. Certificate of Compliance as to 11-24-2008 order transmitted to OAL 1-7-2009 and filed 2-23-2009 (Register 2009, No. 9).

Note: Authority cited: Section 44520, Health and Safety Code. Reference: Sections 44501, 44502, 44504.1, 44505, 44506, 44507, 44508, 44520, 44525.7, 44526(h), 44526(i), 44537.5, 44548(a), 44548(b), 53545 and 53545.14, Health and Safety Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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