Purpose

Section 1740.10  Purpose a) The Agency shall establish and administer a revolving loan program to be known as the "Brownfields Redevelopment Loan Program" for the purpose of providing loans to be used for site investigation, site remediation, or both, at brownfields sites. [415 ILCS 5/58.15(A)(a)] b) Prior to applying to the Agency for payment, a remediation applicant shall first submit to the Agency its proposed remediation costs.  The Agency shall make a pre-application assessment, which is not to be binding upon the Department of Commerce and Economic Opportunity (formerly the Department of Commerce and Community Affairs) or upon future review of the project, relating only to whether the Agency has adequate funding to reimburse the applicant for the remediation costs if the applicant is found to be eligible for reimbursement of remediation costs.  If the Agency determines that it is likely to have adequate funding to reimburse the applicant for remediation costs, the remediation applicant may then submit to the Department of Commerce and Economic Opportunity an application for review of eligibility.  The Department must review the eligibility application to determine whether the remediation applicant is eligible for the payment.  The application must be on forms prescribed and provided by the Department of Commerce and Economic Opportunity.  [415 ILCS 5/58.15(B)(b)]