Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM
Subpart E - INTEREST RATES, LOAN LIMITATIONS, CREDIT WORTHINESS AND FINANCIAL CAPABILITY
Section 886.510 - Credit Worthiness and Financial Capability

Universal Citation: 35 IL Admin Code ยง 886.510

Current through Register Vol. 48, No. 38, September 20, 2024

a) The loan applicant shall demonstrate to the Agency that it has the necessary legal, financial and managerial capability to:

1) Retire the loan; and

2) Meet any covenants and requirements in the loan agreement.

b) The Agency may suggest mitigative measures to improve the loan applicant's financial capability to undertake the project, including, but not limited to, acquisition of grant funding, reduction of project costs, additional or different sources of dedicated revenues and changes to existing financial practices that may threaten generation of adequate revenues.

c) The Agency may require a loan repayment period of less than the 5 year maximum. In evaluating the appropriateness of alternative loan terms, the Agency shall consider such factors as the scope of the proposed project, the impacts of alternative loan terms on user fees, and the overall cost of the project.

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