Current through Register Vol. 51, No. 19, September 20, 2024
A. The Authority shall review and evaluate a
completed loan application accepted under Regulation .04 of this chapter in
accordance with selection criteria established by the Authority, which criteria
may include:
(1) The viability of the
activity for which the loan is sought;
(2) The applicant's readiness to commence the
activity and complete it within an established timeframe;
(3) The level of urgency of the applicant's
need for a loan to complete the activity;
(4) The activity's consistency with the goals
of the management plan;
(5) The
extent to which the activity will have a positive impact on the certified
heritage area;
(6) The extent to
which the activity, once completed, might serve as a model for other projects
within certified heritage areas;
(7) The applicant's administrative
capability, including the applicant's capacity to manage the
activity;
(8) The applicant's
ability to repay the loan;
(9) The
availability of private or non-State funds for the activity; and
(10) Such additional criteria as the
Authority considers appropriate.
B. Following review and evaluation under
§A of this regulation, the Authority shall:
(1) Either approve, approve with
modification, or disapprove the loan;
(2) If approved, determine a level of funding
for the loan, which may be in an amount less than the amount applied for by the
applicant; and
(3) Notify the
applicant in writing of the action taken by the Authority on the
application.
C. For a
loan approved under §B of this regulation, the Authority may issue to the
applicant a commitment letter for the loan that sets forth:
(1) The amount of the loan;
(2) Terms and conditions under which the loan
will be made, which shall at a minimum include the terms and conditions set
forth in Regulation .06 of this chapter; and
(3) A time limit within which execution of
loan documents shall occur before the Authority will withdraw its commitment,
which time limit the Authority may extend at its sole
discretion.
D. A decision
of the Authority to approve or disapprove a loan is not a contested case within
the meaning of State Government Article, Title 10, Subtitle 2, Annotated Code
of Maryland.
E. Loan closing shall
be scheduled at a time and place acceptable to the applicant, Authority staff,
and the Office of the Attorney General.
