Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 1740 - BROWNFIELDS SITE RESTORATION PROGRAM › Section 1740.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions are applicable to this Part:
"Act"
				means Environmental Protection Act [415
				ILCS 5/58.15 ].
"Agency" or "IEPA" means the Illinois Environmental Protection
				Agency.
"Aggregate Capital Investments" means all private capital
				investments and all public capital improvements at the eligible site for the
				period beginning 3 years prior to the site evaluation and ending 3 years after
				completion of site remediation.
"Application" means a written request for reimbursement
				containing the required information and attachments.
"Capital Improvements" means permanent tangible mechanical
				plants, structures, equipment and furnishings in a project sited in Illinois
				and in non-material goods, including organizational costs and research and
				development costs incurred in Illinois that are capitalized and all other costs
				normally capitalized. For mechanical plants, structures and equipment that are
				leased, the lease must equal or exceed the term of the reimbursement agreement
				and the cost of the property shall be determined from the present value, using
				the prevailing corporate interest rate, of the lease payments.
"Capital Investments" means expenditures on:
land, buildings and permanent structures, equipment and
				furnishings at the site;
capitalizable organizational costs such as site evaluation and
				remediation activity costs (whether capitalized or expensed on the applicant's
				tax return); and
present value of any long-term lease of mechanical plants,
				structures and equipment calculated using the prevailing prime rate.
"Department" or "DCEO" means the Illinois Department of
				Commerce and Economic Opportunity.
"Eligible Site" means any single location, place, tract of land
				or parcel of property or portion thereof that:
is abandoned property: real property previously used for, or
				that has the potential to be used for, commercial or industrial purposes that
				reverted to the ownership of the State, a county or municipal government, or an
				agency thereof, through donation, purchase, tax delinquency, foreclosure,
				default, or settlement, including conveyance by deed in lieu of foreclosure
				[415 ILCS
				5/58.15(B)(b)(2) ];
is vacant, abandoned property: privately owned property that
				has been vacant (except for inconsequential use) for a period of not less than
				3 years from the time an application is made to the Department [415 ILCS
				5/58.15(B)(b)(2) ]; or
is underutilized property: real property of which less than 35%
				of the commercially usable space of the property and improvements thereon are
				used for their most commercially profitable and economically productive uses
				[415 ILCS
				5/58.15(B)(b)(2) ].
"Net Economic Benefit" means the positive impact associated
				with the purchase, remediation, and reuse of an eligible site based on factors,
				including but not limited to the capital investment, the number of jobs
				created, the number of jobs retained if it is demonstrated the jobs would
				otherwise be lost, capital improvements, the number of construction-related
				jobs, increased sales, material purchases, other increases in service and
				operational expenditures, and other factors established by the Department.
				Additionally, in determining the economic benefit to the State, the Department
				will give priority to sites located in areas with high levels of poverty, where
				the unemployment rate exceeds the State average, where an enterprise zone
				exists, or where the area is otherwise economically depressed as determined by
				the Department. [415 ILCS
				5/58.15(B)(b)(3) ]
"Project" means an activity or activities at a single
				site.
"Project Costs" means cost of the project incurred or to be
				incurred by the applicant, including: capital investment, including, but not
				limited to, equipment, buildings, or land; infrastructure development; debt
				service, except refinancing of current debt; research and development; lease
				costs; but excluding the value of State incentives, including discretionary tax
				reimbursements and the interest savings of below market rate loans.
"Remediation Applicant" means any person seeking to perform or
				performing investigative or remedial activities under Title XVII of the Act,
				including the owner or operator of the site or persons authorized by law or
				consent to act on behalf of or in lieu of the owner or operator of the site.
				[415 ILCS 5/58.2
				]