SCS/SB 353 - This act is to encourage the development of abandoned commercial and industrial real property and to create new jobs as well as maintaining existing jobs in the state.

The Departments of Economic Development, Natural Resources and Revenue will work together to provide economic assistance, tax relief, abatement and credits. These Departments shall also provide technical environmental assistance and oversight.

The act creates the "Property Reuse Fund" to provide moneys for direct loans, guarantees and grants. The fund shall consist of all moneys which may be appropriated to it by the General Assembly and also any gifts, contributions, grants or bequests received from federal, private or other sources.

The Director of the Department of Economic Development, with the approval of the Directors of the Departments of Natural Resources and Revenue, may guarantee loans issued by private financial institutions to persons for paying the costs of an eligible project. Specific requirements for eligibility of a project are in section 477.704 of the act.

Among defined terms are "abandoned property", "eligible project" and "public capital improvements".

See Truly Agreed To CCS/SS/SCS/HS/HB 414.
TOM MORTON