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 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.220 - Application for authority participation

Current through May 31, 2024
(a) After adoption
				  by the authority of an eligibility resolution under
				  3 AAC 99.210(c), or a determination of
				  eligibility by the authority under
				  3 AAC 99.210(d), the originator and the
				  applicant may prepare an application for authority participation in the
				  loan
(b) An application for
				  authority participation must be submitted by the originator to the authority
				  along with a nonrefundable $1,100 fee. If the authority issues a commitment to
				  purchase a participation in the originator's loan, and the loan commitment
				  issued by the authority is accepted and signed by the originator and borrower
				  and returned to the authority, the nonrefundable $1,100 application fee shall
				  be credited against the authority's commitment fee as required by
				  3 AAC 99.260(b). The financial
				  institution must reimburse all third-party expenses of the authority related to
				  the issuance of the authority's loan participation. The authority may require
				  the originator to include with the application any of the following:
(1) a letter of transmittal;
(2) a loan summary, including originator
				  approval at the appropriate level of authority;
(3) a list of other unpaid loans to the
				  applicant or, if the applicant is not a sole proprietorship, to any member of
				  the applicant's business enterprise, from the state or other public corporation
				  of the state along with applicant certification that each unpaid loan is
				  current and no other loans exist;
(4) a current credit report of the applicant
				  and the guarantors, if any;
(5) a
				  signed current balance sheet and year-to-date profit and loss statement on the
				  applicant, not more than 90 days old from the date of application, fiscal year
				  end balance sheet and profit and loss statement for the prior three years on
				  the applicant; current balance sheet and federal income tax return for the
				  prior two years on all guarantors and co-borrowers;
(6) copies of the applicant's federal income
				  tax returns for the prior three years, if the balance sheet and profit and loss
				  statement required from the applicant in (5) of this subsection are not audited
				  by a certified public accountant;
(7) copies of the earnest money receipt and
				  agreement, option to purchase, contract to purchase, or invoice for purchase of
				  land, land and improvements, or tangible personal property related to the
				  project or qualified energy development;
(8) a copy of a lease or easement for land
				  and improvements related to the project or qualified energy development and, in
				  the case of a hydropower project licensed or to be licensed by the Federal
				  Energy Regulatory Commission, a copy of the documents designating a project
				  boundary with a lease and or easement to be completed before closing giving the
				  applicant control of the area within the project boundary;
(9) a detailed description of real or
				  tangible personal property to be acquired for the project or qualified energy
				  development;
(10) a detailed
				  construction cost estimate;
(11) an
				  estimate of the number of jobs to be created or retained by this project or
				  qualified energy development;
(12)
				  if the loan is to be secured by real property, a written appraisal report
				  acceptable to the authority estimating the value of the real property:
(A) if the total loan amount is equal to or
				  less than $1,000,000, the appraisal may be a summary appraisal
				  report;
(B) if the total loan
				  amount is greater than $1,000,000, the appraisal must be a detailed appraisal
				  describing the information analyzed, the appraisal procedures followed, and the
				  reasoning that supports the analysis, opinions expressed, and conclusions in
				  conformity with current professional standards;
(13) if the loan is for the purchase of
				  tangible personal property, an appraisal in a format acceptable to the
				  authority prepared by an appraiser who is acceptable to the
				  authority;
(14) copies of leases,
				  or agreements to lease or to renew a lease between the applicant and tenants of
				  the project or qualified energy development, including a list of tenants, lease
				  rates, terms, and options;
(15) a
				  financial feasibility analysis satisfactory to the authority;
(16) an environmental risk assessment
				  satisfactory to the authority, followed by an environmental audit if required
				  by the authority;
(17) if the loan
				  is for improvements in energy efficiency, an analysis of the energy
				  efficiencies that are expected to be achieved, including the units of energy
				  expected to be saved over the life of the improvements and the dollar savings
				  expected to be realized; and
(18)
				  any other information considered necessary by the authority to evaluate the
				  application.