Current through Register Vol. 47, No. 6, September 18, 2024
(1)
Order of review. The
SHPO anticipates the receipt of a large number of applications for historic tax
credits for projects with qualified rehabilitation costs in excess of $750,000
at the beginning of each state fiscal year. At the start of each state fiscal
year, the SHPO will utilize a project review sequencing and prioritization
system to establish the order in which applications will be reviewed.
a. Applications for projects with qualified
rehabilitation costs of $750,000 or less applying for credits from the small
projects fund will be accepted and reviewed throughout the calendar year until
all available credits from that fund are reserved. When all available credits
are reserved from the small projects fund, subsequent applications will be
accepted utilizing the procedures in subrules 48.8(2) to 48.8(7).
b. If all available credits are reserved
before review of all projects submitted within the filing window specified in
subrule 48.8(2), applications not reviewed will be returned to the
applicant.
(2)
Filing window. Part two applications for state historic tax
credits received during the first ten working days of the state fiscal year
shall be included in a project review sequencing system to determine the order
in which they will be reviewed. The filing window for applications submitted in
July 2013 will be extended to July 31, 2013.
(3)
Initial sequencing
process. An initial sorting process based on the status of the project
application at the start of the state fiscal year will be used to associate
applications with the appropriate initial sequencing category. Following
initial sorting into a category and subcategory, each application within the
assigned category and subcategory will be sequenced in accordance with subrule
48.8(4).
a. Category A projects do not need to
be resubmitted during the filing window and are comprised of two subcategories
in the following order:
(1) Projects reviewed
in the previous year's sequencing and review process that did not receive a
reservation for the full 25 percent of their qualified rehabilitation
costs.
(2) Projects with final
qualified rehabilitation costs documented in part three of the application in
excess of the estimated rehabilitation costs in part two pursuant to paragraph
48.6(8)"d" and which could not be otherwise reserved from
available credits in the appropriate fund.
b. Category B projects are comprised of
projects for which part two of a state historic tax credit application was
submitted during any previous year's filing window, as verified by records
maintained at the SHPO, and was included in that year's sequencing system, and
did not receive a tax credit reservation. Category B projects must be
resubmitted during the current year's filing window and must specify a fund
pursuant to subrule 48.7(6). Category B projects will be divided into
subcategories arranged in the following order:
(1) Projects will be included in a
subcategory for the state fiscal year of original submission provided the
project was included in each successive state fiscal year's sequencing system
and did not receive a tax credit reservation. These subcategories will be
arranged chronologically beginning with the earliest state fiscal
year.
(2) Any projects for which
applications were not submitted in successive state fiscal years will be
included in a subcategory after those defined in subparagraph
48.8(3)"b "(1).
c. Category C projects are comprised of an
entirely new part two of a state historic tax credit application not meeting
the requirements for any other category and having been received within the
specified filing window. Category C projects must be submitted during the
current year's filing window and must specify a fund pursuant to subrule
48.7(6).
(4)
Secondary sequencing process. Using a random number generator,
SHPO staff will assign unique, random numbers to all applications that are
eligible for inclusion in the review sequencing system within each category and
subcategory of the initial sequencing system. Applications within each category
and subcategory shall then be placed in numeric order from lowest to highest.
SHPO staff shall then create a master sequence list, with category A
applications, arranged by subcategory, sequenced first; category B
applications, arranged by subcategory, sequenced next; and category C
applications sequenced last.
(5)
Random number generator. SHPO staff shall use a random number
generator utility found in Microsoft Excel 2003 or the current version of
Microsoft Excel generally used by the department of cultural affairs.
(6)
Outside observer. The
initial sequencing process, the secondary sequencing process, and the
development of the master sequence list will be observed and certified by an
official state witness.
(7)
Prioritization of review according to fund. Once the master
sequence list is set, the projects will be reviewed by fund in the sequential
order in which they fall on the list.
a.
Category A projects will be reviewed and reserved first. SHPO shall reserve the
remaining credits for the project from the same tax credit fund selected by the
applicant pursuant to subrule 48.7(6) if a selection was made. Otherwise, SHPO
shall reserve the remaining credits for the project from the same tax credit
fund from which the original reservation came or from another fund for which
the project is eligible.
b.
Following review of category A projects, tax credit funds will be reviewed in
the following order:
(1) Small projects fund,
CED-GP fund, and new permanent jobs fund.
(2) Disaster recovery fund.
(3) Statewide fund.
c. Any tax credits that have not been
reserved in a particular fund will be transferred, if applicable, to the
appropriate fund as outlined in rule
223-48.7
(303,404A). If a fund is exhausted before the completion of reviews for that
fund, all remaining projects in that fund shall be eligible for the statewide
fund and will be considered in the order shown on the master sequence
list.
d. Notwithstanding the
foregoing, no projects will be sequenced pursuant to this subrule on or after
July 1, 2014.
