Grants from the Fund

MassDevelopment may give and administer Grants from the Fund to finance Environmental Site Assessments and Environmental Cleanup Actions in accordance with the following provisions: (1) General Provisions. (a) A Grant shall be awarded only to a city or town, redevelopment authority, redevelopment agency, economic development and industrial corporation, community development corporation or an economic development authority. (b) No Grant shall be awarded unless: 1. the Recipient submits an Application in accordance with 946 CMR 3.06; and 2. the Recipient, in MassDevelopment’s opinion, satisfies the requirements and criteria contained in 946 CM 3.05 and 3.06. (c) No Grant shall be awarded to finance an Environmental Site Assessment or an Environmental Cleanup Action that is eligible for fundingunderM.G.L. c. 21J. Eligibility under M.G.L. c. 21J shall be evidenced by the issuance of a Certificate of Eligibility in accordance with 503 CMR 2.00 et seq. (d) No Grant shallbe awarded unless the Recipient contributes a Requisite Match in an amount equal to 20% or greater of the Grant amount toward the financing of the Project. (2) Grant Amounts. (a) The maximum amount of a Grant for an Environmental Cleanup Action relating to an Eligible Project (which is not a Priority Project) shall not exceed $500,000. (b) The maximum amount of a Grant for anEnvironmentalSite Assessment relatingto anEligible Project (which is not a Priority Project) shall not exceed $50,000. (c) The maximum amount of financing available from the Fund for an Environmental Site Assessment and an Environmental Cleanup Action for a Priority Project shall not exceed $2,000,000. (3) Grant Structure. (a) A Grant shall be a direct appropriation from the Fund. (b) Grant proceeds shall be advanced in disbursements, upon receipt of invoices and receipts satisfactory to MassDevelopment, to reimburse costs incurred by the Recipient in connection with performing an Environmental Site Assessment or Environmental Cleanup Action only. Grant proceeds may only be used to satisfy costs incurred in connection with work approved by MassDevelopment (c) MassDevelopment may require that all or a portion of the Grant amount be reimbursed to the Agency in most circumstances if: 1. the Project Site is sold, leased, gifted or otherwise transferred or conveyed by the Recipient or the Project Site owner within five years of the award of the Grant; or 2. the Project proceeds to the redevelopment/development phase by the Recipient, Project Site Owner, or any other entity within five years of the award of the Grant. (4) Legal Documents. Any Grant awarded fromthe Fund shallbe fully documented through closing documents by and between MassDevelopment, theRecipient,theMatchingParty, and any other party required by the Fund’s counsel.