1. (a) The authority may deposit appropriations or other money received under this chapter after June 30, 1999, into an account of the fund. The authority may use money deposited in the account to award forgivable loans to political subdivisions for remediation or other brownfield redevelopment activities. The authority shall, in the manner provided by section 11 of this chapter, adopt guidelines to establish a political subdivision's eligibility for a forgivable loan. The guidelines may provide priority for projects that:

   1. (1) involve abandoned gas stations or underground storage tank issues; or

   2. (2) are located within one-half (0.5) mile of any of the following:

      1. (A) A child care center (as defined by IC 12-7-2-28.4 ).
      2. (B) A child care home (as defined by IC 12-7-2-28.6 ).
      3. (C) A child caring institution (as defined by IC 12-7-2-29 ).
      4. (D) A school age child care program (as defined by IC 12-17-12-5 ).
      5. (E) An elementary or a secondary school attended by students in kindergarten or grades 1 through 12.
2. (b) Not more than twenty percent (20%) of the total amount of loans provided for a project under this chapter may be in the form of a forgivable loan.
3. (c) The financial assistance agreement for a project to be financed with a forgivable loan must specify economic development or redevelopment goals for the project that must be achieved before the political subdivision will be released from its obligation to repay the forgivable loan.

As added by P.L.119-1999, SEC.13. Amended by P.L.109-2001, SEC.2; P.L.235-2005, SEC.182.