(1)

(a) Any brownfield party shall provide the department, in an application as prescribed by the commission, information necessary to demonstrate that:

(i) As a result of the proposed remediation, the brownfield property will be suitable for the use or uses specified in the application while fully protecting public health and the environment;

(ii) The brownfield party has or can obtain the financial, managerial, and technical resources to implement fully and complete the proposed remediation and assure the safe use of the brownfield property;

(iii) The current owner of the brownfield property that is the subject of the application is an applicant or has given written approval for submission of the application; and

(iv) The brownfield party will comply with all applicable procedural requirements.

(b) The commission or the department may require the brownfield party to provide other information that is reasonably related to the application or to the brownfield party.

(2) Within thirty (30) days after submission of the application, the commission shall establish, by order, a written schedule, including time for the identification of other brownfield property (i) for which the source of contamination is environmental contamination or activities on or under the brownfield property that is the subject of the application, and (ii) concerning which the commission determines that remediation is necessary, for the processing of the application by the department.

(3) If brownfield property other than that property which is the subject of the original application is identified, the applicant shall obtain written approval from that brownfield property owner for inclusion of that brownfield property in the brownfield agreement site.

(4) Following the review of the application and any other information available to the department, the department shall prepare a proposed brownfield agreement. In preparation of the agreement, the department shall consult with the applicant brownfield party.

(5) A brownfield agreement shall contain a description of the brownfield agreement site sufficient to serve as a legal description of that site and, as applicable, a statement providing:

(a) A description of all remediation to be conducted on or under the brownfield agreement site, including:

(i) A description of specific areas where remediation is to be conducted;

(ii) The remediation method or methods to be employed;

(iii) The financial, technical and managerial resources that the brownfield party will make available;

(iv) A schedule of remediation activities;

(v) Remediation requirements that are based on public health and environmental risks specific to the brownfield agreement site as established under subsection (6) of this section;

(vi) A schedule for implementation and completion of the remediation; and

(vii) Any land-use restrictions or engineering controls constituting any part of the remediation required by the commission in the brownfield agreement.

(b) The proposed uses of the brownfield agreement site after all remediation required by the commission is completed.

(c) A schedule for administration of the brownfield agreement by the department.

(d) Requirements, as deemed appropriate by the commission, for reporting on the progress of remediation conducted on or under the brownfield agreement site.

(e) Any other provisions necessary to implement the brownfield agreement.

(6) A brownfield agreement shall establish remediation requirements that are based on public health and environmental risks specific to the brownfield agreement site. In establishing the risk-based remediation requirements in a brownfield agreement, the commission shall consider the use of appropriate land-use restrictions or engineering controls or both proposed by the brownfield party. The commission may determine that permanent engineering controls in conjunction with appropriate land-use restrictions satisfy the remediation required by the commission in the brownfield agreement. These risk-based remediation requirements may include contaminant-specific, state-specific, site-specific and/or likelihood of risk methodologies for the implementation of these risk-based remediation requirements. Any party to a brownfield agreement who complies with the requirements of a brownfield agreement may rely on these risk-based remediation requirements, land-use restrictions and engineering controls as governing the extent of remediation required to be performed by the brownfield party on or under the brownfield agreement site for all purposes of this article, including liability protection, subject to the limitations in Section 49-35-15(5). Any risk-based remediation requirements, land-use restrictions and engineering controls implemented under a brownfield agreement shall be conducted in a cost-effective manner, consistent with projected future uses of the brownfield agreement site.

(7) During the remediation process, the commission may modify a brownfield agreement after appropriate public participation, if the commission receives new information demonstrating that a contaminant on or under the brownfield agreement site poses less risk than the risk that formed a basis for the remediation requirements.

(8) The applicant brownfield party and the commission may agree to remediation of a brownfield property which is not the subject of the application to a risk level of unrestricted use.