Nevada Administrative Code › Chapter 349 - State Obligations › REVENUE BONDS FOR INDUSTRIAL DEVELOPMENT › Section 349.040 - Application for financing: Contents and form; fees; deposit; reimbursement of costs of Department; action by Director

Current through June 11, 2024
1. The application must include, but is not limited to:
(a) A description of the purpose, objective and function of the proposed project;
(b) A description of all the costs of the project in sufficient detail to allow for an analysis of all legal and tax issues, including, without limitation:
(1) Expected transaction costs;
(2) Costs expected to be reimbursed to the project's developer; and
(3) A timing schedule for when costs will be incurred;
(c) A description of the management of the project, including, without limitation:
(1) A copy of the partnership agreement or articles of incorporation of the sponsor;
(2) If the amount of the requested bonds is $5,000,000 or more:
(I) For the 5 years before the filing of the application, audited financial statements of the corporation or partnership; and
(II) For the 5 years before the filing of the application, the federal income tax returns of the corporation or principals of the partnership;
(3) If the amount of the requested bonds is less than $5,000,000:
(I) For the 3 years before the filing of the application, a financial operating history of the corporation or partnership; and
(II) For the 3 years before the filing of the application, the federal income tax returns of the corporation or principals of the partnership;
(4) If applicable, the certificate of registration issued by the Secretary of State pursuant to NRS 86.545 or 88.580 for the sponsor; and
(5) Any resolutions or operating agreements of the sponsor that establish the authority of a person to sign documents associated with the financing of the project;
(d) Information on the site of the project, the proposed facilities, and the status of any required environmental permits, including, without limitation:
(1) A copy of the most recent Phase I Environmental Report which was done for the site of the project and must have been completed within 1 year before the application is filed;
(2) A copy of the most recent geotechnical report which was done for the site of the project and must have been completed within 1 year before the application is filed;
(3) A copy of a certified "as-built" survey which was done for the site of the project, must have been completed within 1 year before the application is filed, is American Land Title Association qualified and shows the project in its proper place on the site and all exceptions to title;
(4) A copy of the most recent parcel map of the site of the project that is recorded with the county recorder;
(5) A copy of the zoning restrictions on the site of the project showing that the applicable zoning laws and regulations allow for the development of the project on the site; and
(6) If the site of the project is located on a flood zone as designated by the Federal Emergency Management Agency, a map that shows the bounds of the flood zone, the property on which the project is to be located and the project;
(e) Information on the location of the project, including, without limitation:
(1) A description of the relationship of the project to any existing facilities adjacent to the site;
(2) A copy of a written contract to purchase or option to purchase or lease agreement regarding the property on which the project is to be built;
(3) A description of any relationship between any parties referred to or involved with the written contract, lease agreement or title report described in subparagraphs (2) and (5);
(4) A description of the proposed final sources for funds for the lease or purchase of land for the project; and
(5) A copy of a title report for the site of the project that includes a list of all exceptions and a pro forma American Land Title Association policy to be issued to the lending organization;
(f) A description of all proposed sources and uses of funds for the project, including, without limitation:
(1) A list of any anticipated net bond proceeds, tax-credit equity, grants, subordinated debt or other forms of debt or equity;
(2) A detailed timing or draw schedule for the payment of costs out of available funds; and
(3) A detailed description of the machinery and equipment to be acquired by the financing;
(g) A description of the economic feasibility of the project, including, without limitation, at least one of the following:
(1) A copy of a certified appraisal of the site of the project that was completed:
(I) Within 1 year before the filing of the application; and
(II) By an appraiser certified pursuant to chapter 645C of NRS;
(2) A copy of a market study performed by a market analysis firm approved by the Director; or
(3) A copy of:
(I) A loan underwriting package from a credit enhancement institution that is approved by the Director; and
(II) An appraisal that is approved by a credit enhancement institution that is approved by the Director;
(h) A business history of the applicant, including, without limitation, a copy of any development, general contractor or management agreement between the sponsor and another party regarding the project;
(i) Information required by the Director for an energy and weatherization audit of the project; and
(j) Any other information required by the Director.