Current through Register Vol. 50, No. 9, September 20, 2024
A.
The department may choose to accept loan applications on a continuous basis as
funding permits or may announce specific application periods for acceptance of
loan applications. If the department announces specific application periods,
loan applications must be received on or before the deadline set by the
department.
B. Applicants for loans
shall complete and submit to the department an application package in a format
specified by the department, including a Brownfields Cleanup Revolving Loan
Fund Application Form that will be provided by the department. The application
package must also include, but is not limited to:
1. a complete description of the project,
including the sources and uses of funds, the project schedule, the estimated
cost to complete the project, the estimated completion date, the amount of loan
funds requested, and the source of other funding, if needed, to complete the
project;
2. the last three years of
the borrower's financial statements, which shall include the income statement,
balance sheet, and cash flow statement, and tax returns;
3. an interim financial statement no more
than 90 days old;
4. two years of
financial projections, which must include an income statement, balance sheet,
cash flow statement, and notes to the financial statements for each
year;
5. a department-approved
remedial investigation report;
6. a
written access agreement providing the department and its authorized
representatives full access to the site;
7. an agreement to maintain financial records
of the project, to conduct financial audits of these financial records, and to
make the records available to the department promptly upon request;
8. if a cost-share is required by the
department during this loan application period, a description of how the
applicant will provide the cost-share for the project;
9. all information regarding the site
required by the department to assist the department in determining eligibility
of the site for participation in the loan program;
10. other information regarding the project
requested in the application package to assist the department in ranking the
project for funding;
11. proof of
ownership of the property, or a purchase agreement with the current owner of
the property, including evidence of clear title;
12. an appraisal of the estimated value of
the property after the remedial action is complete;
13. discussion and evidence, as requested in
the application form, demonstrating the eligibility under these regulations of
the applicant and the property for a revolving loan;
14. a comprehensive redevelopment plan
describing the future redevelopment and use of the property, including cost
estimates for the redevelopment plan, and any economic and community benefits
resulting from the cleanup and redevelopment of the property; and
15. other items specified in the application
form or otherwise required by the department.
C. The department may request clarification
or further information from applicants after receiving the applications. The
department also reserves the right to reject incomplete applications.
D. Brownfields Cleanup Revolving Loan Fund
applications accepted by the department may be ranked according to
prioritization criteria to be established by the department.
E. Applicants will be accepted for loan
funding based upon ranking and site-specific criteria, state-wide priorities,
funds currently allocated and available for lending, and other relevant factors
as determined by the department.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
30:2001 et seq. and in particular R.S.
30:2551-2552.
