Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.415 - Application Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Each application must be submitted on forms provided by the
				  Authority. All applications submitted to the Authority must be accompanied by a
				  cover letter signed by the chief executive officer of the municipality
				  indicating the names of the projects for which applications are being
				  submitted. The completed application must designate the primary developer and
				  include a copy of the public notice together with an affidavit of publication
				  of such notice, a certified copy of the municipality's resolution approving the
				  project, and evidence with respect to the program objectives described in
				  Sections
				  1100.430
				  through
				  1100.450.
				  Applications must also include disclosure of the names and functions of
				  participants in the project in addition to the primary developer, including
				  entities providing financing, contractors, architects, engineers, attorneys,
				  accountants and other professional advisors, to the extent that the various
				  participants are known at the time of application. Full disclosure of the
				  various participants is required prior to the disbursement of any grant funds.
				  Applications shall also include where appropriate:
a) A description of the project to be
				undertaken, and of the controlling interests in the property (e.g. fee title,
				lease, option to purchase, beneficial interest). The applicant must
				substantiate the market and economic feasibility of the proposed project, must
				analyze the economic benefits which the activities are expected to produce, and
				must show how the proposed activities will take advantage of opportunities to
				attract private investment. Economic feasibility may be substantiated by a
				variety of means calculated to demonstrate that the revenues expected to be
				generated by a project will be sufficient to pay the cost of capital and
				operating expenses of the project. Market feasibility may be substantiated by a
				variety of means calculated to demonstrate that the projected revenues and
				expenses of the project are realistic in light of market factors. The applicant
				must identify the public and private participating parties in the proposed
				project, the respective activities to be performed by each and the amount of
				program funds to be allocated to each activity. Information provided shall
				include projected costs and methods of financing.
b) A clear description of the use of program
				funds and a justification of the amount, which amount must be the least amount
				necessary to make the project feasible. Also, the application must demonstrate
				that without program funds, the project would not be undertaken. The applicant
				may demonstrate the need for the grant by a variety of means calculated to show
				that the funding applied for fills a gap in the financing for the project for
				which other funds are not available. Examples of the means to demonstrate such
				matters include a table of sources and uses of funds for the particular
				project, sets of pro forma financial statements for the project prepared both
				with and without the use of grant funds or a certificate of the owner or the
				developer that the project would not go forward without program
				funds.
c) Documentation of private
				and public commitments which are necessary for completing the project. This
				document shall be in the form of agreement to complete or to provide financing
				for the project. Examples of private commitments include an executed contract
				or a letter of intent furnished by a financial institution. No application will
				be considered unless there is evidence of at least a private commitment and, if
				necessary, a public commitment. Public commitments relate to activities
				necessary to the completion of the project which must be performed by a
				governmental body or agency. Examples of such public commitments include
				furnishing of infrastructure items to a particular project site or
				rezoning.
d) A statement analyzing
				the impact of the project on the surrounding area, including the impact on low
				and moderate income persons.
e) A
				summary of all proposed expenditures to be undertaken to complete the project
				and a breakdown of the individual public and private expenditures.
f) A detailed schedule for accomplishing each
				part of the proposed project.
g) A
				survey of the project site and maps, aerial photos, site plans or other graphic
				descriptions of the project showing the availability of transportation and
				utility service, and surrounding land uses.
h) A summary of the new tax revenues to be
				generated by the project.
i) Data
				specifying the number and types of jobs to be created by the project, the skill
				levels or experience required to fill such jobs and estimates of salaries to be
				paid for such jobs.