Section 3.99.555. Application.

	(a)  For a development project the authority intends to own and operate, no formal application is required. A proponent of a development project that authority will own and operate may initiate and pursue discussions with the authority regarding the proposed project in any manner. The authority may require a proponent of a development project the authority is expected to own and operate to provide any information the authority determines to be relevant to the proposed project.  
	(b)  For a development project that the authority is not expected to own and operate, a project applicant may seek development project financing from the authority by completing a two-step procedure using first the submission of a preliminary application. The preliminary application must be on a form supplied by the authority describing the nature of the development project, its location, its size, and its ownership. There is no fee for the submission of a preliminary application. The authority will review the preliminary application and advise the project applicant whether to proceed with a full application.   
	(c)  If the authority has not requested that a project applicant submit a full application within 90 days after the project applicant submitted the preliminary application, the preliminary application will be deemed to be denied. A project applicant whose preliminary application is expressly denied by the authority, or whose preliminary application is deemed to be denied under this subsection, may nevertheless elect to submit a full application to the authority so long as the project applicant does so no later than 20 working days after the date of the denial. Submission of a full application shall be a project applicant's sole remedy for the authority denying a preliminary application or failing to act on a preliminary application. If a project applicant does not submit a full application within the required time period after the preliminary application is denied or deemed to be denied, the matter will be forever closed and the project applicant will be entitled to no further consideration of it.  
	(d)  If the authority determines, based on the preliminary application, that the development project may be suitable for project financing, the authority may request the project applicant submit a full application in a form the authority approves. The project applicant must pay a non-refundable application fee under 3 AAC 99.590(a) at the time the application is submitted. The authority may require any or all of the following as a part of the application:  
		(1) a letter of transmittal;  
		(2) current balance sheet and profit and loss statement for the project applicant, not more than 90 days old; a fiscal-year balance sheet and profit and loss statement for the project applicant's prior three years of operation; current balance sheet and federal income tax return for the prior two years for any proposed guarantors and co-borrowers;  
		(3)  copies of the project applicant's federal income tax returns for the prior three years;  
		(4) the project applicant's financial statement in a form acceptable to the authority;   
		(5) proof of ownership of land on which the development project is to be sited, or a copy of the lease or other real property documents for the land related to the development project;  
		(6) a detailed description of the development project, including detailed legal description of all real property and detailed specifications for all tangible personal property that will be part of the development project;   
		(7) a detailed estimate of the cost of construction, improvement, or expansion of the development project;   
		(8) the estimated number of construction and permanent jobs to be created or retained by the development project;   
		(9) a copy of any pre-existing appraisals estimating the value of the real property where the development project is to be located;   
		(10)  a financial feasibility analysis in a form and with a level of detail satisfactory to the authority;  
		(11) an environmental risk assessment satisfactory to the authority, followed by an environmental audit at the level specified by the authority, if required by the authority;  
		(12) a detailed development schedule, to include site selection, geotechnical investigation, and status of project permits; the application may also be required to include a discussion of whether an environmental impact statement or environmental assessment is necessary and a proposed schedule for the completion of any environmental impact statement or environmental assessment;  
		(13) a public benefit statement enumerating the community and statewide benefits that the proposed development project will create, which benefits may include  
			(A) construction and permanent job creation;   
			(B) improvement of environment;   
			(C) reduction in flow of money out of communities;   
			(D) economic development; and  
			(E) attraction of job creating industries to communities or regions;   
		(14) any other information the authority requests.  
	(e)  Without the necessity of submitting an application, the proponent of a development project that was originally expected to be owned and operated by the authority may seek development project financing, once the authority has determined it will not own and operate the development project, if  
		(1) the authority determines it already has the information regarding the project applicant and the proposed development project that an application would provide; and   
		(2) the proponent pays to the authority a non-refundable fee equal to the application fee due under 3 AAC 99.590(a).  

Authorities

44.88.080;44.88.085;44.88.172

Notes

Reference

3 AAC 99.599

Authority

AS 44.88.080 AS 44.88.085 AS 44.88.172

History

Eff. 12/5/2013, Register 209