Oregon Statutes 285B.021 – Agreement for financial assistance
(1) Upon approval of an application submitted under ORS § 285B.018, the Oregon Business Development Department, notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, and the project sponsor of the eligible project to which the application relates may enter into an agreement for financial assistance based on the application. The department shall determine the maximum amount of financial assistance based on a reasonable and prudent expectation of the ability of the project sponsor to repay the financial assistance.
Terms Used In Oregon Statutes 285B.021
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) An agreement entered into pursuant to this section must include:
(a) A provision that the obligation of the state under the agreement is contingent on the availability of moneys in the Industrial Lands Loan Fund for the financial assistance agreed upon.
(b) A provision that grants the department a lien on, or a security interest in, collateral to secure repayment of a loan made to, or bonds issued by, the project sponsor, in a form and amount determined by the department and specified in the agreement.
(c) Provisions that the department considers necessary to ensure expenditure of the funds for the purposes set forth in the approved application.
(d) Any other provision the department considers necessary or appropriate.
(3) For an eligible project owned by a public entity, a loan agreement entered into pursuant to this section must be authorized by an ordinance, resolution or order adopted by the governing body of the project sponsor.
(4) In making a determination to enter into a loan agreement with the project sponsor for an industrial land development project, the department shall consider the reasonableness of the project sponsor’s estimated costs to prepare the land for industrial use, including, but not limited to, allowable costs for land preparation.
(5) Financial assistance approved by the department for an eligible project shall be paid, in accordance with the terms of the agreement entered into pursuant to this section, from the Industrial Lands Loan Fund established under ORS § 285B.030.
(6) In assisting project sponsors with eligible projects, and to meet the goals of ORS § 285B.003 to 285B.030, the department and other state agencies shall cooperate to the greatest extent possible with each other and federal agencies. [2023 c.25 § 20]