261—65.3 (78GA,ch1101) Eligible applicants. To be eligible to apply for program assistance, an applicant must meet the following eligibility requirements:
	 65.3(1) Site owner. A person owning a site is an eligible applicant if the site for which assistance is sought meets the definition of a brownfield site and the applicant has secured a sponsor prior to applying for program assistance.
	 65.3(2) Nonowner of site. A person who is not an owner of a site is an eligible applicant if the site meets the definition of a brownfield site and the applicant has secured a sponsor prior to applying for program assistance.
	 65.3(3) Agreement executed. Prior to applying for financial assistance under this program, an applicant shall enter into an agreement with the owner of the brownfield site for which financial assistance is sought. The agreement shall at a minimum include:
	  1. 	 The total cost for remediating the site.
	  2. 	 Agreement that the owner shall transfer title of the property to the applicant upon completion of the remediation of the property. Title transfer is not required when the applicant is the owner of the property and no title transfer occurs.
	  3. 	 Agreement that upon the subsequent sale of the property by the applicant to a person other than the original owner, the original owner shall receive not more than 75 percent of the estimated total cost of the remediation, acquisition or redevelopment.