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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

previous next Effective - 28 Aug 1998bottom

  447.702.  Department loans to eligible projects, guidelines, conditions. — 1.  The director of economic development, with the approval of the director of the department of natural resources, subject to the other provisions of sections 447.700 to 447.718, may lend moneys in the property reuse fund to persons for the purpose of paying allowable costs of an eligible project if the director determines that:

  (1)  The project is an eligible project and is economically sound; except that, the costs of remediation may exceed the fair market value of the property prior to redevelopment;

  (2)  The borrower is unable to finance necessary allowable costs through ordinary financial channels, and that the loan is the least amount necessary to cause the project to occur;

  (3)  The amount to be lent from the property reuse fund will not exceed one million dollars of the total allowable costs of the eligible project;

  (4)  When completed, the eligible project is projected to create not less than ten new jobs , or shall retain a business which supplies not less than twenty-five existing jobs, or a combination thereof, providing not less than an average of thirty-five hours of employment per week per job.  Such projection shall be made by the department of economic development;

  (5)  The eligible project could not be achieved in the local area in which it is to be located if the portion of the project to be financed by the loan instead were to be financed by a loan guarantee pursuant to section 447.704; and

  (6)  The amount of the loan from the property reuse fund to be repaid will be adequately secured by a mortgage, lien, assignment or pledge at such amount and level of priority as the director may require.

  2.  The determinations of the director of economic development pursuant to subsection 1 of this section shall be conclusive for purposes of the validity of a loan commitment evidenced by a loan agreement signed by the director.

  3.  Fees, charges, rates of interest, times of payment of interest and principal and other terms, conditions and provisions of, and security for, loans made from the property reuse fund pursuant to this section shall be such as the director of economic development determines to be appropriate and in furtherance of the purpose for which the loans are made.  The moneys used in making such loans shall be disbursed from the property reuse fund upon the written order of the director.  The director shall give special consideration in setting the required job creation ratios and interest rates for loans that are for voluntary remediation actions.

  4.  The director of economic development may take all actions necessary or appropriate to collect or otherwise deal with any loan made under this section.

  5.  The director of economic development may fix service charges for the* making of a loan.  Such charges shall be payable at such times and place and in such amounts and manner as may be prescribed by the director.

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(L. 1995 H.B. 414, A.L. 1998 S.B. 827)

*Word "the" does not appear in original rolls.


---- end of effective   28 Aug 1998 ----

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