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The Industrial Corridor System Fund may be used for the following costs when they are necessary or desirable for the preservation, development and/or growth of industrial uses in receiving corridors:
(a) costs to acquire land and buildings;
(b) costs for environmental site assessment and remediation;
(c) costs to demolish substandard, obsolete, or vacant buildings;
(d) costs to rehabilitate or repurpose underutilized or out-of-date industrial buildings;
(e) costs to provide key support infrastructure; and
(f) administrative, reporting, and monitoring costs and expenses of the Industrial Corridor System Fund, provided such costs and expenses may not exceed 5% of the Fund.
(Added Coun. J. 7-26-17, p. 53898, § 1)
In lieu of the required cash contribution to the Industrial Corridor System Fund, applicants may propose to undertake eligible projects themselves, including, without limitation, the acquisition, remediation or rehabilitation of industrial land or buildings for the relocation of industrial establishments from conversion areas to suitable replacement sites in receiving corridors. The department shall review proposals on a case-by-case basis. If the department approves the proposal, the applicant shall submit project documentation, including but not limited to, detailed site-specific cost estimates for the project, appropriate drawings, detailed construction commitments, a construction schedule, and a performance bond for completion of the improvements, if applicable. If the estimated budget for the project exceeds the applicant's required cash contribution, the department may distribute funds from the Industrial Corridor System Fund to the applicant to perform additional work associated with the project on behalf of the City or applicable sister agency, subject to city council approval.
(Added Coun. J. 7-26-17, p. 53898, § 1)
Priority will be given to projects that:
(a) directly facilitate or enable the construction of a facility for a specific new or expanding industrial use;
(b) create or retain jobs for city residents;
(c) eliminate severe, long-term barriers to reuse of vacant or underutilized industrial land and facilities, such as environmental contamination;
(d) are located in areas targeted for investment by the department in its economic development strategy;
(e) commit to hiring residents of qualified investment areas, as defined in Sec. 16-14-020;
(f) show a clear path to financial closing and construction start; and
(g) are economically viable and sustainable.
(Added Coun. J. 7-26-17, p. 53898, § 1)
(a) The department shall administer the Industrial Corridor System Fund and all projects funded under this chapter. Any grant or loan of funds for a private project shall require city council approval and shall be subject to jobs covenants and other covenants, conditions and restrictions to ensure that the funds are devoted to the purpose described in this chapter.
(b) The commissioner is authorized to prescribe application forms and other forms necessary to collect relevant information concerning participants and projects utilizing the Industrial Corridor System Fund, and to adopt such rules as the commissioner may deem necessary for the proper implementation, administration, and enforcement of this chapter, including without limitation, rules setting forth criteria and guidelines for the selection of projects and disbursement of funds in a fair and equitable manner. The commissioner is further authorized, subject to the availability of duly appropriated funds, to negotiate and enter into contracts from time to time with outside providers to assist in administering this chapter. The contracts authorized by this section may contain terms that the commissioner determines to be reasonable and appropriate, including terms governing reasonable compensation.
(c) The commissioner shall post on the department's website an annual report detailing the receipt and expenditure of funds from the Industrial Corridor System Fund.
(Added Coun. J. 7-26-17, p. 53898, § 1)