§ 68204. Iscp Waivers of Loan Repayment.

(a) A recipient of an ISCP Loan may request, in writing, a partial waiver of Loan repayment under the following conditions:

(1) If after completion of the PEA, a Borrower who is not the owner of the Property believes that the sum of the cost of the Response Action and the current appraised fair market value of the Property is greater than the projected fair market value of the Property after all necessary Response Actions have been completed and thus renders the redevelopment Project not economically feasible, the Borrower may request a waiver of Loan repayment of up to 75 percent of the Loan amount;

(2) In support of a written waiver request, the Borrower shall submit the following to the Department:

(A) A report that estimates the cost of the Response Action prepared for the Property by any of the following who are licensed or registered to practice in California and who have demonstrated expertise in Hazardous Material remediation and cost estimation: Class II environmental assessor, engineering geologist, licensed hazardous substance contractor, or licensed professional engineer. An affidavit may be submitted in lieu of the report if the affidavit is signed by a person who is authorized under this subparagraph to prepare a cost estimation report;

(B) A real estate appraisal that provides an appraised value based on the estimated value of the Property after all necessary Response Actions have been taken, and performed by a licensed Real Estate appraiser appropriately and currently certified by the State of California Office of Real Estate Appraisers. The appraisal shall include a copy of the appraiser's current certificate; and

(C) An affidavit in support of the written waiver request that sets forth the information and documentation required under this section.

(b) The Department will present the written waiver request to the Loan Committee for its determination to approve or deny;

(c) The amount of repayment waived shall be deemed a grant to the Borrower. The Borrower shall repay the remaining portion of the Loan within one year of the approval date of the waiver; and

(d) A Borrower who has received a partial waiver of Loan repayment under subdivision (a) may not apply for a CLEAN Loan Program Loan for the same Property until the full amount of the ISCP Loan initially disbursed has been repaid.

HISTORY

1. New section filed 1-18-2001 as an emergency; operative 1-18-2001 (Register 2001, No. 3). Pursuant to Health and Safety Code section 25395.29, a Certificate of Compliance must be transmitted to OAL by 7-17-2001 or emergency language will be repealed by operation of law on the following day.

2. New section refiled 7-6-2001 as an emergency; operative 7-18-2001 (Register 2001, No. 27). Pursuant to Health and Safety Code section 25395.29, a Certificate of Compliance must be transmitted to OAL by 1-14-2002 or emergency language will be repealed by operation of law on the following day.

3. Certificate of Compliance as to 7-6-2001 order transmitted to OAL 1-14-2002; Certificate of Compliance withdrawn from review 2-27-2002. Repealed by operation of Government Code section 11346.1(g) (Register 2002, No. 9).

4. New section filed 3-1-2002 as an emergency; operative 3-1-2002 (Register 2002, No. 9). Pursuant to Health and Safety Code section 25395.29, a Certificate of Compliance must be transmitted to OAL by 8-28-2002 or emergency language will be repealed by operation of law on the following day.

5. Certificate of Compliance as to 3-31-2002 order, including amendment of section, transmitted to OAL 6-21-2002 and filed 8-5-2002 (Register 2002, No. 32).

Note

Note: Authority cited: Sections 25150, 25351.5, 25395.29 and 58012, Health and Safety Code. Reference: Sections 25395.20, 25395.21, 25395.22, 25395.24 and 25395.31 Health and Safety Code.