July 1st marks the beginning of the new Fiscal Year for the State of Florida. The refresh button will be hit over the weekend, resetting $115,000,000 in State funding allotted for the Petroleum Restoration Program (PRP). Funding for the PRP includes $15,000,000 for the Low-Scored Site Initiative (LSSI) and $30,000,000 for Advanced Cleanups on low-scored sites. The remaining funds are used for sites with priority scores where assessment and remedial work is ongoing.
Senate Bill 1018 was signed by Governor Scott on June 15th and becomes effective tomorrow!
The new law will provide up to $1,000,000 funding for petroleum cleanup on approved redevelopment sites eligible for the PRP (perhaps this is the sentence that should have gotten the exclamation point).
Under an amendment to Florida Statute 376.30713, Advanced Cleanup, owners of property with priority ranking scores below funding range can apply for advanced cleanup if they can demonstrate local government approval of a viable redevelopment project. Funding is on a first-come-first-served basis with up to $5,000,000 available for Advanced Cleanup redevelopment projects per fiscal year.
We have one application in the works and expect another two to be initiated soon. I expect this will be the first budget cap to be hit this year so if you are redeveloping, contact me at Steve@ermi.net.