Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
(1) “Brownfield site” has the same meaning as defined in § 7-53-316;(2) “Department” means the department of environment and conservation;(3) “Eligible entity” means a political subdivision of the state, including, but not limited to, a county, municipality, development district, or development board; and(4) “Remediation costs” has the same meaning as defined in § 67-4-2009.(b) It is the intent of the general assembly to strengthen communities throughout this state and to promote conservation of this state’s agricultural, recreational, and open space lands by encouraging environmentally sound redevelopment of properties blighted by real or perceived contamination.(c)(1) There is established a special account in the state treasury to be known as the “brownfield redevelopment area fund,” hereinafter referred to as the “fund” to assist this state’s communities with the redevelopment of brownfield sites. The fund must be administered by the department.(2)(A) It is the legislative intent that moneys for the fund be appropriated each year in the general appropriations act. Gifts, other donations, and grants received by the department for brownfield redevelopment purposes may be deposited in and remain part of the fund in addition to funds appropriated by the general assembly.(B) Any unencumbered moneys and any unexpended balance of the fund remaining at the end of a fiscal year must not revert to the general fund, but must be carried forward until expended in accordance with this section.(C) Moneys in the fund must be invested by the state treasurer pursuant to title 9, chapter 4, part 6, for the benefit of the fund. Interest accruing on investments and deposits of the fund must be credited to the fund, must be returned to the fund, and must remain part of the fund.(d)(1) Moneys in the fund must be used by the department to administer a brownfield redevelopment area grant program as provided in this section.(2) The department may award grants to eligible entities for the remediation costs and reasonable administrative expenses relative to the redevelopment of brownfield sites. Administrative expenses must not exceed five percent (5%) of a grant awarded. An eligible entity shall not be awarded a grant exceeding five hundred thousand dollars ($500,000) from the fund in a fiscal year.(3) The department shall establish criteria and guidelines for the brownfield redevelopment area grant program and shall publish the criteria and guidelines on its website.(4) Sites approved for grants under this section must be designated as brownfield redevelopment areas.(5) The departments of environment and conservation, revenue, and economic and community development shall post a list of brownfield redevelopment areas on their websites.(e) The department shall report to the governor, no later than December 31, 2023, and each December 31 thereafter, regarding the department’s administration of the fund. The report must include the obligated and unobligated balances of the fund as of June 30 of the reporting calendar year and the grants awarded in the immediately preceding fiscal year. Grant information must include the amount of the grant awarded and the recipient of the grant. The report must also be transmitted to the speakers of the house of representatives and the senate, the commissioner of finance and administration, and the commissioner of economic and community development.
