Section 250-RICR-140-30-2.7 - Fund Establishment and Project Priority List for RI Brownfields Revolving Loan FundA. There is hereby established a fund entitled the "The Brownfields Remediation and Economic Development Fund." The Fund is created in order to enable the Department to receive $5,000,000 from the 2014 RI Clean Water, Open Space, and Healthy Communities Bond to provide grants to public, private, and/or nonprofit entities for brownfields remediation projects whose end use pertains to economic development. The Department will administer the Fund in accordance with these regulations.B. Project Priority List for RI Brownfields Revolving Loan Fund 1. The RI Brownfields Revolving Loan Fund is administered by the RI Infrastructure Bank pursuant to R.I. Gen. Laws § 23-19.16-3. Persons wishing to apply for financing from the RI Brownfields Revolving Loan Fund must first apply to the Department for inclusion on the Project Priority List established pursuant to R.I. Gen. Laws § 23-19.16-6. The Department shall update the Project Priority List not less than once per month unless no new applications have been received during a particular month.2. Applications for inclusion on the Project Priority List may be submitted at any time and shall be submitted to the RIDEM and shall be signed by the applicant's chief executive or chief financial officer, or other designated and qualified representative. Eligible borrowers include local governmental units, non-profit organizations and private, for-profit entities.3. Applications shall be submitted to RIDEM via mail to RI Department of Environmental Management, Permit Application Center, 2nd Floor, 235 Promenade Street, Providence, RI 02908. In the alternative, the Department may provide mechanisms for electronic submission of grant applications.4. Projects proposed for inclusion on the Project Priority List must be on a Brownfields site known to the Department. If a proposal is submitted on a property not known to the Department, the application must be accompanied by a notification of Release pursuant to the Remediation Regulations.5. Applications for inclusion on the Project Priority List shall be submitted to the Department and include the name and address of the subject site as well as a brief description of current site conditions.6. Following inclusion on the Project Priority List, the applicant must submit an application to Rhode Island Infrastructure Bank to seek financing. Subsequent narrative statements will be required to initiate the financing process. This may include, but not be limited to: a. The beneficial environmental impact to the land and waters of the State through remediation;b. The estimated costs of assessing and remediating the Brownfield to get it to redevelopment;c. Ability of applicant/developer to complete the project, including financial solvency, past experience of similar projects, and likelihood of success;d. Readiness and timeliness to proceed.7. The materials regarding the financing process shall be submitted to RI Infrastructure Bank, 235 Promenade Street, First Floor, Providence, RI 02908.250 R.I. Code R. 250-RICR-140-30-2.7
Amended effective 4/22/2020