2025 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 285B - Economic Development II
Section 285B.034 - Financial assistance for development projects; rules.
(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 Site Loan Fund established under ORS 285B.046, in accordance with this section.
(b) The financial assistance may be in the form of a loan to the project sponsor 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.041 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 this 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) The department shall adopt rules to administer and implement the provisions of this section. [2025 c.566 §4]
