Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM
Subpart B - BROWNFIELDS REDEVELOPMENT LOANS
Section 886.245 - Loan Disbursements

Universal Citation: 35 IL Admin Code ยง 886.245

Current through Register Vol. 48, No. 38, September 20, 2024

a) The Agency shall disburse loan proceeds to loan recipients for eligible costs incurred by the loan recipient, provided those costs are within the scope of the budget submitted pursuant to Section 886.215 of this Part.

b) To receive a loan disbursement from the Brownfields Redevelopment Loan Program, the loan recipient shall submit a written request for a disbursement to the Agency, with documentation of the activities performed and a breakdown of the costs sufficient to demonstrate that the costs for which a disbursement is sought are reasonable and have been incurred by the loan recipient. Documentation provided shall include, but not be limited to, the following:

1) An identification of the time period for which the activities/services were performed and the costs were incurred;

2) A brief description of the work performed;

3) A breakdown of the activities/services performed cross-referencing tasks proposed in the work plan schedule;

4) The names and titles of individuals performing activities/services and the dates and hours worked;

5) Copies of invoices; and

6) A list of expenses and/or costs incurred in connection with the activities/services performed.

c) The loan recipient may submit an initial request for a loan disbursement at any time after the costs for which payment is sought have been incurred. Subsequent requests for loan disbursements must be spaced at least 90 days apart.

d) The Agency shall use the criteria set forth in Section 886.240 (Cost Criteria) of this Part in determining whether to approve a loan disbursement to the loan recipient for costs included in each request for a loan disbursement.

e) The Agency shall send a voucher for payment of an approved request for a loan disbursement to the Comptroller's office no more than 90 days after receipt of the request.

f) Following a review of the applicant's request for a loan disbursement, the Agency shall have the authority to deny a request for a loan disbursement that does not meet all of the requirements of this Part. The Agency shall notify a loan applicant in writing of its denial of a request for a loan disbursement within 45 days after its receipt of a request, and the written notification shall include a statement of specific reasons why the request is being denied in whole or in part.

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