Forgivable loans for planning projects. (1)(a) The Oregon Business Development Department may make a forgivable loan to a project sponsor, for allowable costs related to a planning project, from moneys in the Industrial Site Loan Fund established under ORS 285B.046, in accordance with this section

(b) The department shall determine the amount of a forgivable loan on a case-by-case basis.

(2) The department may not expend in any biennium more than one percent of the value of the Industrial Site Loan Fund for planning projects.

(3) A planning project eligible for a forgivable loan under this section may:

(a) Be a stand-alone project that is not intended to lead to a development project.

(b) Be a project that is intended to lead to a development project.

(c) Include planning or investigation for an environmental action on a brownfield. [2025 c.566 §5]