Current through Register Vol. 46, No. 12, March 20, 2024
(a)
An applicant for program assistance shall file an application with the
corporation on a form provided by the corporation, which will elicit
information about the project and the applicant.
(1) With respect to all requests for program
funding, the application will request:
(i)
information about the applicant, including its history, ownership, size,
primary products or services rendered, major customers, its market and
marketing strategy;
(ii)
information about the proposed project including total project cost, total
assistance requested, proposed uses of the program funds, other proposed
sources for funding, the number of jobs to be created and other anticipated
project results, how the project will be implemented and the current status of
the project;
(iii) information with
respect to the site of the project and the impact, if any, on the environment
and any landmark or historic properties;
(iv) a description of the need for the
requested funds and a specific justification for the request for
assistance;
(v) a budget breakdown
of the sources and uses of funds associated with the proposed
project;
(vi) letters of commitment
or rejection from other financing sources;
(2) In addition, depending on the nature of
the project (such as acquisition of machinery and equipment; acquisition,
construction or renovation of property, etc.) and the type of assistance
requested, applicants will be required to provide other information about the
project, including some or all of the following, as may be appropriate:
(i) a complete set of financial statements
for at least the three preceding fiscal years, operating pro formas going
forward three years, and current financial statements for any proposed
guarantors;
(ii) a list of proposed
collateral, with any available appraisals;
(iii) resumes of principal officers and a
list of owners, shareholders, or partners;
(iv) a copy of any related real estate
purchase option or contract for sale;
(v) a legal description and survey of the
property;
(vi) a
construction-to-occupancy schedule; and
(vii) copies of any preliminary architectural
drawings, scope of work, cost estimates and schematics.
(b) Upon receipt of the
application, the corporation shall assign a project team to review the
application for eligibility, completeness, and conformance with program
criteria.
(c) If the project team
concludes that the proposal satisfies the necessary requirements and that
program funding is available, the proposal will be submitted to the
corporation's directors for adoption. The directors normally meet once a month.
If the project is approved for funding and if it involves the acquisition,
construction, reconstruction, rehabilitation, alteration or improvement of any
property, the corporation will schedule a public hearing in accordance with the
UDC Act and will take such further action as may be required by that act. After
approval by the corporation and a public hearing, if required, the project may
then be reviewed by the State Public Authorities Control Board (PACB), which
also generally meets once a month, in accordance with PACB requirements and
policies. Following directors' approval, and PACB approval, if required, legal
documents will be drafted by the corporation.
