OLR Bill Analysis

SB 268

AN ACT INCREASING THE TERM LIMIT FOR LOANS UNDER THE TARGETED BROWNFIELD DEVELOPMENT LOAN PROGRAM.

SUMMARY

This extends, from 20 to 30 years, the maximum period for repaying loans the Department of Economic and Community Development makes under its Targeted Brownfield Loan program. The program provides loans up to $4 million per year for investigating and assessing a property's environmental condition and cleaning up any contamination. The loans are available to the current owners of a contaminated property or its potential purchasers if they (1) are not liable for the contamination and (2) plan to develop the property to reduce blight or for industrial, commercial, residential, or mixed use purposes.

EFFECTIVE DATE: July 1, 2018 and applicable to loans issued on or after that date.

COMMITTEE ACTION

Commerce Committee

Joint Favorable

Yea

20

Nay

0

(03/27/2018)