Ill. Admin. Code tit. 92 § 15.40

Current through Register Vol. 48, No. 50, December 13, 2024

Section 15.40 - Eligible Property

Only property meeting the following conditions will be eligible for purchase with funds loaned under this Part.

a) The property must be shown on the ALP.

b) The property must not have significant environmental problems or liabilities as determined by the Department. Environmental problems or liabilities are considered significant if the cost of remedying such conditions exceeds 40% of the value of the property. If federal reimbursement is to be sought, the Owner must comply with the National Environmental Policy Act of 1969 ( 42 USC 4321 - 4347 ) as well as with all pertinent federal and State regulations and directives related to environmental impacts. Even if no federal reimbursement is anticipated, the Department must be fully advised of environmental conditions, prior to closing, by a formal statement from an environmental professional approved by the Department. The cost of this environmental statement is eligible to be included in the loan amount.

c) The property to be acquired must be part of a planned airport improvement or real estate acquisition project. The property shall be capable of being used and developed, for airport purposes, in substantial compliance with State and federal laws.

Ill. Admin. Code tit. 92, § 15.40