Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 99 - Industrial Lands Loan Fund
Section 123-099-0040 - Application Review and Approval

Universal Citation: OR Admin Rules 123-099-0040

Current through Register Vol. 63, No. 9, September 1, 2024

(1) The Department shall review all timely and complete applications for Program financial assistance. The Department's review shall include:

(a) Review of proposed projects for determination of compliance with eligible uses of program funds and loan proceeds as provided by sections 14 to 23, chapter 25, Oregon Laws 2023, and as further defined by this division of rules;

(b) Review of application for determination of applicant's eligibility as a Project Sponsor as that term is defined;

(c) Review for completion of the application, including satisfaction of requirements provided under section 19, chapter 25, Oregon Laws 2023 and requirements provided by this division of rules;

(d) Consideration of the reasonableness of the Project Sponsor's estimated costs to prepare the land for industrial use, including, but not limited to, allowable costs for land preparation;

(e) Consideration of the potential economic impacts for the proposed project;

(f) Consideration of each application and the requested amount based on program guidelines and program priorities as determined by the Department. While forgivable loans do not require match, the Department shall give preferences for projects that are not solely funded from the Department's financial assistance;

(g) Applying the preferences provided by this division of rules; and

(h) Applying any other criteria set forth in the applicable Request for Applications ("RFA").

(2) Within 30 days of the applicable RFA close date, the Department shall approve or reject program applications.

(3) Approved applicants shall receive a notice of intent to award, and unsuccessful applicants shall receive a letter of explanation from the Department.

(4) As applicable, the notice of intent to award provided to approved applicants shall contain an offer of an amount for a program repayable or forgivable loan for a development project; and/or an offer of an amount for a program forgivable loan for a planning project. The Department may make an offer that is less than what was requested by the applicant. For development projects, the Department shall condition loan awards on satisfactory collateral or other security such as requiring a co-signer or guarantor or other conditions to secure repayment of a loan made. Generally, public entity awards shall be conditioned on a pledge of the entity's full faith and credit and taxing power within Article XI, sections 11 and 11b of the Oregon Constitution and a pledge of appliable net revenues from the public infrastructure system that is the subject of the public entity's development project.

Statutory/Other Authority: ORS 285A.075 & OR Laws 2023 ch. 25, § 19

Statutes/Other Implemented: OR Laws 2023 Ch. 25 §19

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