Chapter 285B — Chapter 285B
305 sections in this chapter.
ORS 285B.003 Definitions for ORS 285B.003 to 285B.030. As used in ORS 285B.003 to 285B.030
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(1) “Administrative costs” includes, but is not limited to, the direct and indirect costs incurred by the Oregon Business Development Department for: (a) Investigating and processing applications submitted under ORS 285B.018; (b) Negotiating agreements for the purposes of ORS 285…
ORS 285B.006 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 Lands Loan Fund established under ORS 285B.030, in accordance with this section
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(b) The financial assistance to a project sponsor may be in the form of a repayable or forgivable loan 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 assistan…
ORS 285B.009 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 Lands Loan Fund established under ORS 285B.030, in accordance with this section
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(b) The department shall determine the amount of a forgivable loan on a case-by-case basis. (2) 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 i…
ORS 285B.012 Other forms of financial assistance; rules. (1) The Oregon Business Development Department may directly or indirectly expend or loan moneys in the Industrial Lands Loan Fund established under ORS 285B.030 or extend credit to
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(a) Provide to project sponsors of an eligible project related to industrial land any allowable form of financial assistance that the department considers appropriate, including the refinancing of temporary project financing. (b) Purchase goods or services related to an eligible …
ORS 285B.015 Allowable costs. For purposes of ORS 285B.003 to 285B.030
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(1) The allowable costs of a development project include: (a) Property acquisition and assembly costs associated with creating large development parcels, including any easement or right of way directly related to and necessary for a development project. (b) Transportation improve…
ORS 285B.018 Application process for financial assistance; rules. (1)(a) A project sponsor seeking financial assistance from the Industrial Lands Loan Fund must submit an application in the manner and form required by the Oregon Business Development Department
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(b) At a minimum, each application must include: (A) The name and nature of the project sponsor; (B) A description of the nature of the project; (C) The provisions of ORS 285B.003 to 285B.030 under which the project is eligible for financial assistance; (D) The proposed activitie…
ORS 285B.021 Agreement for financial assistance. (1) Upon approval of an application submitted under ORS 285B.018, the Oregon Business Development Department, notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, and the project sponsor of the eligible project to which the application relates may enter into an agreement for financial assistance based on the application. The department shall determine the maximum amount of financial assistance based on a reasonable and prudent expectation of the ability of the project sponsor to repay the financial assistance
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(2) An agreement entered into pursuant to this section must include: (a) A provision that the obligation of the state under the agreement is contingent on the availability of moneys in the Industrial Lands Loan Fund for the financial assistance agreed upon. (b) A provision that g…
ORS 285B.024 Repayment; rules. (1) A project sponsor may repay financial assistance provided for an eligible project under ORS 285B.003 to 285B.030 from any source, including, but not limited to
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(a) Revenues generated by the eligible project, including special assessment revenues. (b) Amounts withheld under ORS 285B.027. (c) The general fund of the project sponsor. (2) A plan for repayment to the Industrial Lands Loan Fund of financial assistance provided for an industri…
ORS 285B.027 Breach; default. (1) If a project sponsor fails to comply with ORS 285B.003 to 285B.030 or an agreement entered into under ORS 285B.021, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment of obligations due from the project sponsor to the Industrial Lands Loan Fund
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(2)(a) If a project sponsor defaults on payments of obligations to the fund under ORS 285B.003 to 285B.030, the State of Oregon may withhold any amounts otherwise due to the project sponsor to offset against the obligations. The department may waive this right to withhold. (b) Mo…
ORS 285B.030 Industrial Lands Loan Fund. (1)(a) The Industrial Lands Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Industrial Lands Loan Fund shall be credited to the fund
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(b) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes set forth in ORS 285B.003 to 285B.030. In addition, the department may finance administrative costs incurred by the department under ORS 285B.003 to 285B.030. (c) T…
ORS 285B.032 Findings. The Legislative Assembly finds that
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(1) Traded sector industries are the foundation of state and regional economic development strategies for long-term job creation and prosperity. Because traded sector jobs typically pay higher than average wages and generate higher than average income tax revenues, such jobs play…
ORS 285B.033 Definitions for ORS 285B.032 to 285B.046. As used in ORS 285B.032 to 285B.046
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(1) “Administrative costs” includes, but is not limited to, the direct and indirect costs incurred by the Oregon Business Development Department for: (a) Investigating and processing applications submitted under ORS 285B.040; (b) Negotiating agreements for the purposes of ORS 285…
ORS 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
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(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 onl…
ORS 285B.036 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
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(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 forgivabl…
ORS 285B.037 Other forms of financial assistance; rules. (1) The Oregon Business Development Department may directly or indirectly expend or loan moneys in the Industrial Site Loan Fund established under ORS 285B.046 or extend credit to
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(a) Provide to project sponsors of an eligible project related to industrial land any form of financial assistance that the department considers appropriate, including the refinancing of temporary project financing. (b) Purchase goods or services related to an eligible project on…
ORS 285B.038 Allowable costs. For purposes of ORS 285B.032 to 285B.046
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(1) The allowable costs of a development project include: (a) Property acquisition and assembly costs associated with creating large development parcels, including any easement or right of way directly related to and necessary for a development project. (b) Transportation improve…
ORS 285B.040 Application process for financial assistance; rules. (1)(a) A project sponsor seeking financial assistance from the Industrial Site Loan Fund must submit an application in the manner and form required by the Oregon Business Development Department
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(b) At a minimum, each application must include: (A) The name and nature of the project sponsor; (B) A description of the nature of the project; (C) The provisions of ORS 285B.032 to 285B.046 under which the project is eligible for financial assistance; (D) The proposed activitie…
ORS 285B.041 Agreement for financial assistance. (1) Upon approval of an application submitted under ORS 285B.040, the Oregon Business Development Department, notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, and the project sponsor of the eligible project to which the application relates may enter into an agreement for financial assistance based on the application. The department shall determine the maximum amount of financial assistance based on a reasonable and prudent expectation of the ability of the project sponsor to repay the financial assistance
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(2) An agreement entered into pursuant to this section must include: (a) A provision that the obligation of the state under the agreement is contingent on the availability of moneys in the Industrial Site Loan Fund for the financial assistance agreed upon. (b) A provision that gr…
ORS 285B.043 Repayment; rules. (1) A project sponsor may repay financial assistance provided for an eligible project under ORS 285B.032 to 285B.046 from any source, including, but not limited to
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(a) Revenues generated by the eligible project, including special assessment revenues. (b) Amounts withheld under ORS 285B.044. (c) The general fund of the project sponsor. (2) A plan for repayment to the Industrial Site Loan Fund of financial assistance provided for an industria…
ORS 285B.044 Breach; default. (1) If a project sponsor fails to comply with an agreement entered into under ORS 285B.041, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment of obligations due from the project sponsor to the Industrial Site Loan Fund
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(2)(a) If a project sponsor defaults on payments of obligations to the fund under ORS 285B.032 to 285B.046, the State of Oregon may withhold any amounts otherwise due to the project sponsor to offset against the obligations. The department may waive this right to withhold. (b) Mo…
ORS 285B.046 Industrial Site Loan Fund. (1)(a) The Industrial Site Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Industrial Site Loan Fund shall be credited to the fund
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(b) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes set forth in ORS 285B.032 to 285B.046. In addition, the department may finance administrative costs incurred by the department under ORS 285B.032 to 285B.046. (c) T…
ORS 285B.050 Definitions for ORS 285B.050 to 285B.098. As used in ORS 285B.050 to 285B.098, unless the context requires otherwise
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(1) “Applicant” means any county, municipality, person or any combination of counties, municipalities or persons applying for a loan from the Oregon Business Development Fund under ORS 285B.050 to 285B.098. (2)(a) “Business development project” means the acquisition, engineering,…
ORS 285B.053 Borrowing money from Oregon Business Development Fund; application; report. (1) Any county, municipality, person or any combination of counties, municipalities and persons may file with the Oregon Business Development Department an application to borrow money from the Oregon Business Development Fund for a business development project as provided in ORS 285B.050 to 285B.098. The application shall be filed in such a manner and contain or be accompanied by such information as the department may prescribe
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(2) Any applicant receiving a loan from the fund shall report to the department the estimated number of jobs affected by the business development project financed under ORS 285B.050 to 285B.098. [Formerly 285.405; 2007 c.804 §41; 2009 c.830 §50]
ORS 285B.056 Fees; rules. The Oregon Business Development Department shall charge fees and establish rules to underwrite loans from the Oregon Business Development Fund. [Formerly 285.410; 2007 c.804 §42; 2009 c.830 §51]
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[Repealed or reserved.]
ORS 285B.059 Conditions for commission approval of project; limits; exceptions. (1) The Oregon Business Development Commission may approve a business development project proposed in an application filed under ORS 285B.050 to 285B.098 if, after investigation, the commission finds that
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(a) The proposed business development project is feasible and a reasonable risk from practical and economic standpoints, and that the loan has reasonable prospect of repayment. (b) The applicant can provide good and sufficient collateral for the loan. (c) Moneys in the Oregon Bus…
ORS 285B.062 Loan contract; required provisions; repayment plan; state liability. If the Oregon Business Development Commission approves a business development project, the commission, on behalf of the state, and the applicant may enter into a loan contract of not more than $2 million, secured by good and sufficient collateral, which shall set forth, among other matters
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(1) A plan for repayment by the applicant to the Oregon Business Development Fund of moneys borrowed from the fund used for the business development project, with interest charged on those moneys at the rate of not less than one percentage point more than the prevailing interest …
ORS 285B.063 Annual adjustment of maximum contract amounts. (1) Beginning with the 2023 calendar year, the Oregon Business Development Department shall annually adjust the maximum contract amounts specified in ORS 285B.059 (1)(e) and 285B.062 by multiplying each amount by the percentage change in the monthly averaged Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor, for the 12 consecutive months ending on the immediately preceding December 31 compared to the monthly averaged Consumer Price Index for All Urban Consumers, West Region (All Items), for the 12 consecutive months ending on December 31, 2021
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(2) Notwithstanding subsection (1) of this section, the adjusted maximum contract amounts specified in ORS 285B.059 (1)(e) and 285B.062 may not be less than $2 million. [2021 c.19 §5]
ORS 285B.065 Loans in distressed areas exempt from security and collateral requirements. The Oregon Business Development Department may make loans in distressed areas, as defined by the department, without regard to the requirements for security and collateral under ORS 285B.059 and 285B.062 that are otherwise applicable. [Formerly 285.416; 2009 c.830 §54]
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[Repealed or reserved.]
ORS 285B.068 Payment of moneys for project; applicant to pay percentage of loan principal to Oregon Business Development Fund. (1) If the Oregon Business Development Commission approves a loan for a business development project and the applicant has received all necessary permits required by federal, state and local agencies, the commission shall pay moneys for the project from the Oregon Business Development Fund, in accordance with the terms of the loan contract as prescribed by the commission
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(2) Immediately upon receiving the loan proceeds, the applicant shall pay to the commission one and one-half percent of the principal amount of the loan, to be paid back to the Oregon Business Development Fund. A maximum of three percent of the principal amount of the loan may be…
ORS 285B.071 [Formerly 285.420; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 285B.074 [Formerly 285.425; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 285B.077 [Formerly 285.430; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 285B.080 Director as agent; duties; authority to approve loans. (1) The Oregon Business Development Commission may appoint the Director of the Oregon Business Development Department as the commission’s representative and agent in all matters pertaining to ORS 285B.050 to 285B.098
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(2) The director shall ensure that all provisions of ORS 285B.050 to 285B.098 are complied with and that appropriately trained personnel are employed to properly administer the fiscal and other portions of ORS 285B.050 to 285B.098. (3) The director shall have the authority in the…
ORS 285B.081 Repayment and collection; rules. The Oregon Business Development Department shall develop rules governing repayment of loans to the Oregon Business Development Fund and collection of moneys owed the fund. The department may take any action permitted by statute or rule that the department deems necessary for repayment of the loan. [2007 c.804 §49; 2009 c.830 §57]
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Note: 285B.081 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 285B or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
ORS 285B.083 Use of refinancing and other financial assistance for repayment. Except as provided in ORS 285B.086, if any business development project is refinanced or financial assistance is obtained from other sources after the execution of the loan from the state, those may first be used to repay the state, unless provided otherwise by the committee, if the refinancing or financial assistance applies only to the business development project authorized and does not include any subsequent addition, expansion, improvement or further development. [Formerly 285.435; 2007 c.804 §45]
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[Repealed or reserved.]
ORS 285B.086 Authorization to lend funds for joint governmental projects or match money; form of loan application; loan limit. (1) The Oregon Business Development Commission may authorize funds from the Oregon Business Development Fund to be used in appropriate joint governmental participation projects or as match money with any municipally, county, state or federally funded business development project authorized within a county or city, subject to the stipulations of ORS 285B.050 to 285B.098
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(2) Any application for a loan under this section shall be in such form as the commission prescribes and shall furnish such proof of federal, state or local approval as appropriate for funding of the business development project. (3) The total amount of moneys loaned from the fun…
ORS 285B.089 Loan contract; required provisions; repayment schedule. If the Oregon Business Development Commission approves an application for the loan of moneys authorized by ORS 285B.086, the commission shall enter into a loan contract, secured by good and sufficient collateral as determined by the commission, with the applicant that provides, among other matters
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(1) That the loan bear interest at the same rate of interest as provided in ORS 285B.062 (1). (2) That the contract shall set forth a schedule of payments including interest and principal for the period of the loan, which shall not exceed the usable life of the contracted project…
ORS 285B.092 Oregon Business Development Fund; uses; transfer of unobligated funds. (1) There is created within the State Treasury a revolving fund known as the Oregon Business Development Fund, separate and distinct from the General Fund. Interest earned by the Oregon Business Development Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Business Development Commission for the following purposes
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(a) Administrative expenses of the commission in marketing public business finance, processing applications, investigating proposed business development projects and servicing outstanding loans. In any one year, administrative expenses charged under this paragraph may not be grea…
ORS 285B.093 Oregon Targeted Development Account; purpose; exemption from minimum interest rate. (1) The Oregon Business Development Commission may establish the Oregon Targeted Development Account as an account within the Oregon Business Development Fund
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(2) The purpose of the Oregon Targeted Development Account is to promote cooperation and foster partnership among the commission, the Oregon Business Development Department and financial institutions in Oregon to encourage investment in distressed areas, as defined by the departm…
ORS 285B.095 [Formerly 285.445; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 285B.098 Status of loan to county or municipality; project as security; repayment. A loan made to a county or municipality under ORS 285B.050 to 285B.098 shall not be a general obligation of that county or municipality, nor a charge upon the tax revenues of that county or municipality, nor a charge upon any other revenues or property of that county or municipality not specifically pledged thereto. A loan made to a county or municipality under ORS 285B.050 to 285B.098 may be secured by the business development project for which the loan is made, as well as by any revenues derived from that project, and any nontax-derived revenues or property of the county or municipality not otherwise pledged or committed for other purposes. A county or municipality may repay any portion of a loan incurred under ORS 285B.050 to 285B.098 from any funds available to it. [Formerly 285.447]
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(Temporary provisions relating to Oregon CHIPS Fund grant and loan program) Note: Sections 1 to 7, chapter 25, Oregon Laws 2023, provide: Sec. 1. (1) As used in sections 1 to 6, chapter 25, Oregon Laws 2023: (a) “Covered entity” has the meaning given that term by 15 U.S.C. 4651(2…
ORS 285B.103 [2001 c.944 §2; 2003 c.374 §1; renumbered 285C.500 in 2003]
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[Repealed or reserved.]
ORS 285B.105 [2001 c.944 §3; 2003 c.374 §2; renumbered 285C.503 in 2003]
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[Repealed or reserved.]
ORS 285B.108 [2001 c.944 §4; 2003 c.374 §3; renumbered 285C.506 in 2003]
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CAPITAL ACCESS PROGRAM
ORS 285B.109 Definitions for ORS 285B.109 to 285B.119. As used in ORS 285B.109 to 285B.119, unless the context requires otherwise
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(1) “Brownfield” or “brownfields” has the meaning given that term in ORS 285A.185. (2) “Capital access program” means the program established by ORS 285B.109 to 285B.119. (3) “Environmental action” has the meaning given that term in ORS 285A.188. (4) “Financial institution” means…
ORS 285B.111 Purpose of ORS 285B.109 to 285B.119. It is the purpose of ORS 285B.109 to 285B.119 to establish a capital access program under which the State of Oregon will provide public fiscal resources to assist Oregon financial institutions to overcome obstacles and constraints in meeting the full range of economically sound financing needs of Oregon businesses. [Formerly 285B.129]
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[Repealed or reserved.]
ORS 285B.113 Contracts with financial institutions to participate in program; required contents; disclosure of information. (1) The Oregon Business Development Department may contract with any financial institution for the purpose of allowing the financial institution to participate in the capital access program established by ORS 285B.109 to 285B.119
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(2) A contract between the department and a financial institution under this section shall provide: (a) For the creation of a loss reserve account by the department for the benefit of the financial institution. (b) That the financial institution, qualified business and the depart…
ORS 285B.115 Loss reserve accounts; policies; rules; moneys as property of state. (1) The Oregon Business Development Department shall establish a loss reserve account for each financial institution with which the department makes a contract under ORS 285B.113
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(2) The loss reserve account for a financial institution shall consist of moneys paid as fees by borrowers and the financial institution under ORS 285B.117 and moneys transferred to the account from the Capital Access Fund under ORS 285B.117. (3) Notwithstanding ORS chapter 293 o…
ORS 285B.117 Enrollment of qualified loan in program; notice to department; fees; transfers to loss reserve accounts; rules and limits for loans. (1) When a financial institution participates in the capital access program, if the financial institution decides to enroll a qualified loan under the capital access program in order to obtain the protection against loss provided by its loss reserve account, the financial institution shall notify the Oregon Business Development Department of the loan within 30 days after the loan is made. The notification shall be in writing on a form prescribed by the department
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(2) When making a qualified loan that will be enrolled under the capital access program, the financial institution shall require the qualified business to which the loan is made to pay a fee of not less than one and one-half percent of the principal amount of the loan but not mor…
ORS 285B.118 Claims for reimbursement of losses; reimbursable costs; repayment to loss reserve account. (1) The Oregon Business Development Department shall establish procedures under which financial institutions participating in the capital access program established by ORS 285B.109 to 285B.119 may submit claims for reimbursement for losses incurred as a result of qualified loan defaults
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(2) Costs for which a financial institution may be reimbursed from its loss reserve account include loan principal, accrued interest on the principal, actual and necessary costs of seeking recovery of the principal amount and interest thereon and any other related costs. (3) A fi…