Sec.22a-133m-3. Transfer and reuse of remediated property

Prior to the acquisition of polluted commercial or industrial property under section 22a-133m of the Statutes, the Commissioner shall enter into an agreement with the eligible applicant. The provisions of such an agreement shall include, but not be limited to, the following:

(1) Agreement to conduct a manufacturing or economic base business at the site;

(2) Agreement to pay all necessary and appropriate legal costs incurred by the Department of Economic Development and related to this project;

(3) Agreement to execute a lease, or other legal instrument, with the State, acting through the Commissioner of Economic Development to provide for the following:

(A) Payment to the Commissioner of local property taxes related to the subject property. Such payments shall be used by the Commissioner to reimburse the municipality in which an eligible property is located for the local property taxes while such property is under the ownership of the State;

(B) Payment to the Commissioner for the costs incurred by the Department of Economic Development in administering the program;

(C) Payment to the Commissioner for the costs incurred by the Department of Environmental Protection in assessing and remediating the property;

(D) A long-term commitment by the applicant, its successors or assigns, for the term of the lease or 10 years, whichever is greater, to use the property for the specified economic development purposes;

(E) Such other terms and conditions that the Commissioner of Economic Development, in consultation with the Commissioner of Environmental Protection, may deem necessary, including, but not limited to, the provision of collateral to secure the terms and conditions specified above.

(4) That the applicant or the property transferor will assume responsibility for any direct costs in excess of $15 million;

(5) That the applicant, its successors or assigns will assume full title to the property upon full repayment of all appropriate costs to the State;

(6) That the State shall not be liable for any and all environmental contamination which occurs after the date of completion of the site assessment conducted pursuant to section 22a-133m-2 (c) of these regulations.

(Effective February 18, 1994)