(1)(a) The Oregon Business Development Department may provide financial assistance to a project sponsor, for allowable costs expended for an industrial land development project, from moneys in the Industrial Lands Loan Fund established under ORS § 285B.030, in accordance with this section.

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(b) The financial assistance to a project sponsor may be in the form of a repayable or forgivable loan or the purchase of bonds issued by the project sponsor.

(c) The department shall determine the amount of the financial assistance on a case-by-case basis.

(2) Financial assistance may be provided only with respect to a development project that is:

(a) Directly owned and operated by the project sponsor; or

(b) The subject of a management contract or an operating agreement to which the project sponsor is a party.

(3)(a) If a development project consists solely of the purchase or acquisition of land, financial assistance may be provided only if the land is:

(A) Identified in the applicable land use or capital plan as necessary for a potential industrial land development project; or

(B) Zoned solely for industrial use.

(b) Notwithstanding paragraph (a) of this subsection, financial assistance may not be denied under this subsection solely because the costs of the development project include the costs of acquiring off-site property for purposes that are directly related to the development project, including, but not limited to, wetland mitigation.

(4) Financial assistance provided to a project sponsor under this section may not be used for:

(a) The payment of:

(A) A penalty or fine; or

(B) Environmental remediation activities conducted at an industrial land site that is listed or proposed to be listed as a national priority pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. § 9605), for which the project sponsor, or any party to the loan agreement entered into pursuant to ORS § 285B.021 to which the project sponsor is a party, is liable under 42 U.S.C. § 9607;

(b) Retirement of debt;

(c) Projects that primarily focus on relocating business or economic activity from one part of the state to another, except in cases where the business or economic activity would otherwise be located outside Oregon; or

(d) Ongoing operations or maintenance expenses of any person.

(5) Contractors and subcontractors on development projects funded under ORS § 285B.003 to 285B.030 must pay for such projects a rate of wage that meets or exceeds the greater of:

(a) The prevailing rate of wage for workers in each trade or occupation in each locality as determined by the Commissioner of the Bureau of Labor and Industries under ORS § 279C.815; or

(b) The prevailing rate of wage as determined by the United States Secretary of Labor under the Davis-Bacon Act (40 U.S.C. § 3141 et seq.).

(6) The department shall adopt rules to administer and implement the provisions of this section. [2023 c.25 § 15]