Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 626 - MAINE RURAL DEVELOPMENT AUTHORITY › Chapter 1 - COMMUNITY INDUSTRIAL BUILDING PROGRAM › Section 626-1-3 - Application Procedures

Current through 2024-29, July 17, 2024
A.
Phase I -
				Application
1. An Applicant shall
				submit an application complying with the requirements of this rule on forms
				developed by the Authority as may be specified with supporting information as
				required by this rule and additional information as requested by the
				Authority.
2. The Authority shall
				be responsible for making application forms available.
3. Applications will be rated on the
				following criteria: problem, solution, commitment, citizen participation and
				evidence that Local Development Corporation has the rights to develop a
				Commercial Facility and control of the subject site.
a. Problem Statement:
Scope of Problems - Identification and description of the
				  nature and magnitude of the identified problems to be addressed with Community
				  Industrial Building, including evidence of the loss of or major downsizing of
				  major employer(s), chronic unemployment or underemployment, lack of economic
				  diversification or, historical lack of private investment in the region.
b. Solution:
(i) Project Description - Describe how funds
				will be used. Include a project budget.
(ii) Comprehensive Nature of Solution -
				Description of how the activities relate to the community's total economic
				development effort. Include a description of how the project will address the
				need for new employment; retaining or improving existing employment
				opportunities or improving the competitiveness of an occupant business. The
				application must detail how the project will address the problems identified,
				and a plan to market and manage the facility.
(iii) Feasibility - Identification of tasks,
				timetables and the responsible parties to implement the proposed solution.
				Application must also Identify the market need for a Community Industrial
				Building.
(iv) Right to develop -
				Evidence that Local Development Corporation has the rights to develop a
				Commercial Facility and control of the subject site.
c. Citizen Participation - Identification and
				description of the process, descriptions of public meetings, hearings and other
				methods to solicit the involvement of residents, developers, local
				organizations and public officials, and how the involvement contributed to this
				application.
d. Commitment/Match -
				Identify and describe how the community, and other organizations including
				private developers will contribute financial and/or technical resources to the
				project, and the status of those commitments.
4. No application will be considered complete
				unless all questions are answered, and all supporting information is
				provided.
5. Upon approval of an
				application by the Authority, a loan commitment shall be issued at the
				successful conclusion of Phase I, setting forth the terms and conditions under
				which the loan will be included in the program. The commitment shall include a
				requirement that the Phase II conditions be satisfactorily met and may specify
				special requirements applicable to the Project and requiring the submission in
				final form within a time specified of all appropriate documents, drawings,
				plans, specifications, appraisals, bonds, guarantees, permits, approvals,
				surveys, title insurance, opinions, financial statements, cost, other
				certifications and other instruments evidencing full compliance with the
				Authority's requirements and in form and content satisfactory to the
				Authority.
6. No commitment shall
				become effective until the Borrower has signed it and the Borrower has agreed
				to pay to the Authority the loan origination fees specified in the program
				application, and other applicable fees. Loan origination fees will not exceed
				2% of the total loan.
7. If, upon
				examination of the application and supporting information, the Authority
				rejects an application, the Borrower shall be informed of the rejection and the
				reasons. Rejection of a Project may occur at any time during Phase I or prior
				to Phase II.