Rhode Island Code of Regulations › Title 250 - Department of Environmental Management › Chapter 140 - Waste and Materials Management › Subchapter 30 - Site Remediation › Part 2 - Rules and Regulations for the Brownfields Remediation and Economic Development Fund › Section 250-RICR-140-30-2.7 - Fund Establishment and Project Priority List for RI Brownfields Revolving Loan Fund

Current through June 14, 2024
A. 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.