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2002 SESSION

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HB 463 Brownfield Restoration and Land Renewal Act; created.

Introduced by: Terrie L. Suit | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Brownfield Restoration and Land Renewal Act. Consolidates and reorganizes existing provisions related to brownfields restoration in order to simplify public access to this information and facilitate its use. The Act contains specific liability protections for bona fide prospective purchasers, innocent landowners and adjacent landowners. These provisions track those provided in the federal act. The bill also creates the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund to be administered by the Virginia Resources Authority. The Fund will consist of moneys appropriated to it by the General Assembly and such other sums as may be made available to it from any other sources. Local governments, all eligible to receive grants and loans from the fund, and businesses may receive loans for the purposes of promoting the restoration and redevelopment of brownfield sites and to address environmental problems or obstacles to reuse so that these sites can be effectively marketed to new economic development prospects.


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