Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 65 - Brownfield and Grayfield Redevelopment › Rule 261-65.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in these rules, unless the context otherwise
				  requires, the definitions in Iowa Code section
				  15.292
				  shall apply to this chapter. The following definitions shall also apply:
"Abandoned public building"
means a vertical
				  improvement constructed for use primarily by a political subdivision of the
				  state for a public purpose and whose current use is outdated or prevents a
				  better or more efficient use of the property by the current owner. "Abandoned
				  public building" includes vacant, blighted, obsolete, or otherwise
				  underutilized property.
"Acquisition"
means the purchase of
				  brownfield or grayfield property.
"Advisory council"
means the brownfield
				  redevelopment advisory council as established in Iowa Code section
				  15.294
				  consisting of five members.
"Affiliate"
or
"affiliated
				  entity"
means any entity to which one or more of the following
				  applies:
1. The entity directly, indirectly, or constructively
				  controls another entity.
2. The entity is directly, indirectly or constructively
				  controlled by another entity.
3. The entity is subject to the control of a common entity. A
				  common entity is one which owns directly or individually more than 10 percent
				  of the voting securities of the entity.
"Authority"
means the economic development
				  authority.
"Board"
means the members of the economic
				  development authority board appointed by the governor and in whom the powers of
				  the authority are vested pursuant to Iowa Code section
				  15.105.
"Brownfield site"
means an abandoned, idled,
				  or underutilized industrial or commercial facility where expansion or
				  redevelopment is complicated by real or perceived environmental contamination.
				  A brownfield site includes property contiguous with the property on which the
				  individual or commercial facility is located. A brownfield site shall not
				  include property which has been placed, or is proposed for placement, on the
				  national priorities list established pursuant to the federal Comprehensive
				  Environmental Response, Compensation, and Liability Act (CERCLA),
				  42
				  U.S.C. 9601 et seq.
"CERCLA"
means Comprehensive Environmental
				  Response, Compensation, and Liability Act as defined at
				  42
				  U.S.C. 9601 et seq.
"Characterization"
means determination of
				  both the nature and extent of contamination in the various media of the
				  environment.
"Community"
means a city or county, or an
				  entity established pursuant to Iowa Code chapter 28E.
"Contaminant"
means any hazardous substance
				  found in the various media of the environment.
"Council"
means the brownfield redevelopment
				  advisory council, as established in Iowa Code section
				  15.294.
"Fund"
means the brownfield redevelopment
				  fund established pursuant to Iowa Code section
				  15.293.
"Grant"
means the donation or contribution
				  of funds with no expectation or requirement that the funds be repaid.
"Grayfield site"
means an abandoned public
				  building or an industrial or commercial property that meets all of the
				  following requirements:
1. Infrastructure on the property is outdated or prevents an
				  efficient use of the property, including vacant, blighted, obsolete, or
				  otherwise underutilized property.
2. Property improvements and infrastructure are at least 25
				  years old and one or more of the following conditions exist:
* Thirty percent or more of a building located on the
				  property is available for occupancy and has been vacated or unoccupied for at
				  least 12 months;
* Assessed value of improvements on the property has
				  decreased by 25 percent or more;
* The property is used as a parking lot;
* Improvements on the property no longer exist.
"Green development"
means development which
				  meets or exceeds the sustainable design standards as established by the state
				  building code commissioner pursuant to Iowa Code section
				  103A.8B.
"Hazardous substance"
means "hazardous
				  substance" as defined in 567-Chapter 137 and includes petroleum substances not
				  addressed in 567-Chapter 135.
"Loan"
means an award of assistance with the
				  requirement that the award be repaid, and with term, interest rate, and any
				  other conditions specified as part of the award. A deferred loan is one for
				  which the payment of principal or interest, or both, is not required for some
				  specified period. A forgivable loan is one for which repayment is eliminated in
				  part or entirely if the borrower satisfies specified conditions. A loan
				  guarantee is a third-party commitment to repay all or a portion of the loan in
				  the event that the borrower defaults on the loan.
"Political subdivision"
means a city,
				  county, township, or school district.
"Previously remediated or redeveloped"
means
				  any prior remediation or redevelopment, including development for which an
				  award of tax credits under this chapter has been made.
"Qualifying investment"
means costs that are
				  directly related to a qualifying redevelopment project and that are incurred
				  after the project has been registered and approved by the board. "Qualifying
				  investment" only includes the purchase price, the cleanup costs, and the
				  redevelopment costs.
"Qualifying investor"
means an applicant who
				  has been accepted by the department to receive a redevelopment tax
				  credit.
"Qualifying redevelopment project"
means a
				  brownfield or grayfield site being redeveloped or improved by the property
				  owner. "Qualifying redevelopment project" does not include a previously
				  remediated or redeveloped brownfield or grayfield site.
"Redevelopment"
means construction or
				  development activities associated with a qualifying redevelopment project that
				  are undertaken either for the purpose of constructing new buildings or
				  improvements at a site where formerly existing buildings have been demolished
				  or for the purpose of rehabilitating, reusing or repurposing existing buildings
				  or improvements. Redevelopment typically includes projects that result in the
				  elimination of blighting characteristics as defined by Iowa Code section
				  403.2.
"Redevelopment tax credits program"
means
				  the tax credits program administered pursuant to Iowa Code sections
				  15.293A
				  and
				  15.293B.
"Remediation"
includes characterization,
				  risk assessment, removal and cleanup of environmental contaminants located on
				  and adjacent to a brownfield site. Funding awards used for remediation must
				  comply with appropriate Iowa department of natural resources requirements and
				  guidelines.
"Risk evaluation"
means assessment of risks
				  to human health and environment by way of guidelines established in 567-Chapter
				  137.
"Sponsorship"
means an agreement between a
				  city or county and an applicant for assistance under the brownfield
				  redevelopment program in which the city or county agrees to offer assistance or
				  guidance to the applicant. Sponsorship is not required if the applicant is a
				  city or county.
"Sustainable design"
means construction
				  design intended to minimize negative environmental impacts and to promote the
				  health and comfort of building occupants including, but not limited to,
				  measures to reduce consumption of nonrenewable resources, minimize waste, and
				  create healthy, productive environments. Sustainable design standards are also
				  known as green building standards pursuant to Iowa Code section
				  103A.8B.
"Vertical improvement," "improvement"
or
"improved"
means the same as defined in Iowa Code section
				  15J.2.