Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.555 - Application

Current through May 31, 2024
(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.