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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

previous next Effective - 28 Aug 1995bottom

  447.716.  Failure of purchaser to perform, sanctions. — 1.  Any person who agrees to purchase abandoned property as part of a qualified project and subsequently breaches the agreement or fails to use the property reuse fund moneys for allowable costs may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned.  The director of the department of economic development, or the director's designee, shall take such action as the director deems appropriate to effect and secure repayment of the moneys, together with the interest and penalties due, to the property reuse fund.  Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.

  2.  Any person who agrees to purchase abandoned property as part of a qualified project and subsequently fails to properly perform its voluntary remediation activities to the satisfaction and approval of the department of natural resources, may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned.  Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.

  3.  Any person who obtained private financing for a qualified project and a loan guarantee pursuant to section 447.704 and violates any provision of sections 447.700 to 447.718 as described in subsection 1 or 2 of this section:

  (1)  May have the guarantee withdrawn by the department of economic development to the extent the amount of the guarantee exceeds the outstanding balance of principal and accrued interest under the private financing at the time of withdrawal;

  (2)  Shall not be eligible to receive the tax exemptions and credits described in section 447.708; and

  (3)  Shall not receive the liability releases and immunities described in section 447.714.

  4.  In the event of bankruptcy, insolvency, merger, acquisition or other valid change of business conditions of the purchaser or prospective purchaser which makes completion of the eligible project economically unsound or infeasible, the purchaser or prospective purchaser may elect to terminate their obligations for the eligible project upon ninety days' written notice to the affected governmental agency and the department of economic development.  The director of the department of economic development may require repayment of the loan balance together with the interest which would have been received over the remaining term of the loan.  Such purchaser or prospective purchaser may not receive the tax credits and abatements of section 447.708.  In the discretion of the director of the department of natural resources, the purchaser or prospective purchaser may receive a release under section 447.714, as warranted by the voluntary remediation work actually performed.

  5.  The director of the department of economic development, with the approval of the director of the department of natural resources, shall determine which of the sanctions described in this section shall be imposed, taking into consideration the severity and materiality of the breach or violation, and the promptness with which the breach or violation is remedied.  The director of the department of economic development shall consult with the officer or other designee of the state, county or municipal government, or agency thereof, affected by the eligible project regarding the circumstances of the breach or violation.

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(L. 1995 H.B. 414)


---- end of effective   28 Aug 1995 ----

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