Code of Massachusetts Regulations › 946 CMR - MASSACHUSETTS DEVELOPMENT FINANCE AGENCY › Title 946 CMR 3.00 - Brownfields Redevelopment Fund › Section 3.02 - Definitions

Current through Register 1525, July 5, 2024
As used herein, the following capitalized words and terms shall have the following meanings:
Applicant
- any Person who submits an Application for a Grant or Loan from the Fund.
Application
- an application filed by an Applicant with MassDevelopment in order to determine the Applicant's eligibility to qualify for a Grant or Loan from the Fund.
Board
- the Board of Directors of MassDevelopment.
Borrower
- any Person who receives a Loan from the Fund.
Brownfields Advisory Group
- the Brownfields Advisory Group, established pursuant to St. 1998, c. 463.
Economically Distressed Area
- an area or municipality that has been designated as an economic target area, or that would otherwise meet the criteria for such designation, pursuant to M.G.L. c 23A, § 3D, or the site of a former manufactured gas plant.
Eligible Project
- a Project located at a Project Site which MassDevelopment has determined meets the requirements contained in 946 CMR 3.00
et seq
. and is eligible for financing.
Environmental Cleanup Action
- activity, including but not limited to an Environmental Site Assessment, undertaken to contain or remove from land or structures, oil or hazardous material as defined in M.G.L. c. 21E and regulations promulgated pursuant thereto, in compliance with all applicable laws.
Environmental Site Assessment
- activity undertaken in compliance with the applicable laws to determine:
(a) the existence, source, nature and extent of a release or threat of release of oil or hazardous materials; or
(b) the extent of danger to the public health, safety, welfare and environment.
Fund
- the Brownfields Redevelopment Fund.
Grant
- a sum of money given by MassDevelopment from the Fund in accordance with these regulations to finance a portion of the costs of an Environmental Site Assessment or an Environmental Cleanup Action.
Guarantor
- any Person who, on behalf of a Borrower, guarantees repayment of a Loan from the Fund.
Loan
- a loan or credit enhancement, including but not limited to, a direct loan, a contingent loan, a loan guarantee, a letter of credit, or a line of credit, issued or obtained by MassDevelopment from or on behalf of the Fund to finance all of the costs or a portion of the costs of an Environmental Site Assessment or an Environmental Cleanup Action.
MassDevelopment
- the Massachusetts Development Finance Agency.
Matching Party
- the Person who or which provides the Requisite Match.
Ombudsman
- the Director of the Office of Brownfields Revitalization, who serves as the Brownfields Ombudsman pursuant to St. 1998, c. 463 and M.G.L. c. 21E.
Person
- any person, organization or entity, for profit or not for profit, including but not limited to, an individual, a corporation, partnership, limited partnership, limited liability company, limited liability partnership, trust, governmental agency or instrumentality, state or quasi-state entity, municipality, community development corporation created and operating in accordance with the provisions of M.G.L. c. 40F, economic development and industrial corporation established pursuant to M.G.L. c. 121C, redevelopment authority established pursuant to M.G.L. c. 121B and any other entity.
Priority Project
- an Eligible Project which, in MassDevelopment's opinion, the city or town in which the Project Site comprising the Eligible Project, or portion thereof, is located, has made available substantial funds, in the form of grants, loans, or abated property taxes, in furtherance of the purposes of the Brownfields Redevelopment Fund.
Project
- the redevelopment project proposed to be undertaken at a Project Site.
Project Site
- any vacant, abandoned or underutilized industrial or commercial property located within an Economically Distressed Area where real or perceived environmental contamination and liability is an obstacle to the redevelopment or improvement of said property.
Recipient
- any Person who receives a Grant from the Fund
Requisite Match
- a loan or grant of funds or other investment made by, or on behalf of, an Applicant on terms and conditions satisfactory to MassDevelopment, for the purposes of financing, in combination with Loan or Grant proceeds, an Environmental Site Assessment or Environmental Cleanup Action.
Site
- a place or area where oil or hazardous material has been released, as further defined in M.G.L. c. 21E, § 2.