Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 626 - MAINE RURAL DEVELOPMENT AUTHORITY › Chapter 2 - COMMERCIAL FACILITIES DEVELOPMENT PROGRAM › Section 626-2-5 - APPLICATION PROCEDURES

Current through 2024-29, July 17, 2024
A.
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) In its evaluation of an application, the
				Authority will consider the following, in addition to other requirements of
				this Rule:
(a)
Project
				Description
- Describe how financial assistance from the Program will be
				used. Include a Project capital budget.
(b)
Comprehensive Nature of
				Project
- Description of how the Project relates to the Municipality's
				total economic development effort. Include a description of how the Project
				will address the requirements of Section
				2,
				3 or
				4 of this Rule as applicable. The
				application must detail how the Project will address the problems identified
				and must include a plan to market and manage the facility, including an
				operating budget and pro forma cash flow projections.
(c)
Feasibility
- Identification
				of tasks, timetables and the responsible parties to implement the proposed
				Project. Application must also identity the market need for the
				project.
(d)
Right to
				develop
- Evidence of the Applicant's right, title and
				interest.
(e)
Evidence of
				local support
.
(f)
Commitment/Match
- Identity and describe the source, amount and
				terms of the matching funds, as applicable.
(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 commitment shall be issued setting forth the
				terms and conditions under which the financial assistance from the Program will
				be provided. The commitment shall include a list of conditions that must be
				satisfactorily met. The following requirements may be specified.
* Drawings, plans, specifications
* Appraisals, bonds, guaranties
* 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 Applicant has signed it and the
				Applicant has agreed to pay to the Authority the fees specified in the program
				application, and other applicable fees. Authority fees, excluding the
				Authority's costs in connection with the financial assistance, will not exceed
				2% of the total financial assistance.
(7) If, upon examination of the application
				and supporting information, the Authority rejects an application, the Applicant
				shall be informed of the rejection and the reasons. Rejection of a Project may
				occur at any time.