Code of Massachusetts Regulations
801 CMR - EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE
Title 801 CMR 51.00 - Generating New State Tax Revenues And Local Tax Revenues By Stimulating Sustainable Economic Development Through Infrastructure Improvements
Section 51.13 - Process for Approval of Economic Development Proposal

1. the Developer has funding or financial commitments satisfactory to the Secretary sufficient to fund the Costs of the Economic Development Project, or, if the Economic Development Project is a Phased Project, the phase of the Economic Development Project for which the Developer is seeking approval, exclusive of any Costs of the Public Infrastructure Improvements to be financed by Bonds to be issued by the Agency, and such commitments include the commitment of the Developer's construction lender or lenders, on terms and conditions acceptable to the Secretary, to advance loan proceeds on the Developer's behalf to pay for the costs of completing Public Infrastructure Improvements that are not being funded from proceeds of the Bonds, whether or not the construction lender's loan with the Developer is in default, or such other security or assurance as the Secretary has determined to be acceptable;

2. the Developer's plan to secure the obligations of its selected contractor or contractors to complete each of the Project Components and the Public Infrastructure Improvements with payment, performance and lien bonds which, in the case of the Public Infrastructure Improvements being funded in whole or in part from the proceeds of the Bonds, provide for the Developer and the Agency to be co-obligees under such bonds, and to secure its own obligation to complete the portion of the Public Infrastructure Improvements not funded by Bonds under this Act, or to provide other security satisfactory to the Secretary, is satisfactory to the Secretary, and the Secretary's approval of the Economic Development Proposal, or of the portion thereof that relates to the phase of the Economic Development Project for which the Developer is seeking approval if it is a Phased Project, will be made conditional upon such security having been obtained prior to the issuance of the related Bonds; and

3. the Municipality has established a Municipal Liquidity Reserve for the benefit of the Commonwealth for each Assessment Parcel within the Economic Development Project, or, if the Economic Development Project is a Phased Project, for each Assessment Parcel that is a part of the phase of the Economic Development Project for which the Developer is seeking approval, and has funded or has provided for the funding of such Reserve in an amount equal to twice the total maximum annual Debt Service due on the Bonds allocable to said Assessment Parcel.

4. if the Developer seeks a waiver or partial waiver of the any requirements necessary for the Secretary's Approval of the Economic Development Proposal for the purpose of issuance of Bond Anticipation Notes, the Secretary has received evidence that the Developer has obtained a letter of credit or other security for the repayment of the Developer's obligations under an Infrastructure Development Assistance Agreement acceptable to the Secretary and that the Secretary waives any necessary requirements.