Commerce Committee

JOINT FAVORABLE REPORT

Bill No.:

SB-268

Title:

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

Vote Date:

3/27/2018

Vote Action:

Joint Favorable

PH Date:

3/8/2018

File No.:

Disclaimer: The following JOINT FAVORABLE Report is prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.

SPONSORS OF BILL:

COMMERCE COMMITTEE

REASONS FOR BILL:

Extends, from 20 to 30 years, the maximum term for repaying DECD loans to remediate brownfields under the Targeted Brownfield Development Loan Program

Background :Targeted Brownfield Development Loan Program:

Loans for investigating and assessing a property's environmental condition and

Remediating any contamination

Maximum loan amount $4 million per year

Effective Date July 1, 2018 and applicable to loans issued on or after that day

RESPONSE FROM ADMINISTRATION/AGENCY:

Department of Economic and Community Development –Though it is not often that we face a request for a 30 year loan, we believe it would be advantageous to have that option at our disposal when it is necessary to align our funding with other sources. As a result, we urge your support of this legislation.

NATURE AND SOURCES OF SUPPORT:

None

NATURE AND SOURCES OF OPPOSITION:

None

Kathy Salemi, Clerk

Date: 4-3-2018