Wyoming Administrative Code › Agency 004 - Treasurer's Office › Sub-Agency 0010 - Industrial Development Bond Investment Program › Chapter 2 - INDUSTRIAL DEVELOPMENT BOND INVESTMENT PROGRAM › Section 2-4 - Materials Required for State Treasurer's Office Review

Current through July 13, 2024
(a) The
				process of evaluating an application for IDB financing, which shall include
				"due diligence" to examine the merits and risks of an application, requires
				considerable time and resources by all state agencies and officials involved.
				Likewise, before applying for IDB financing, the applicant should expect that
				the process will require considerable time and resources depending upon the
				complexity and nature of the project to be financed.
(b) Applicants seeking the State Treasurer's
				purchase of an IDB must submit the following comprehensive information which
				must be consistent with information included in applicant's application
				submitted to the Wyoming Business Council and the recommendation of the Wyoming
				Business Council:
(i) A detailed overview of
				the applicant business entity, including identification of all principal
				management and owners;
(ii) A
				detailed description of the project to be financed, including all costs to be
				funded and a specific explanation of how the project satisfies the criteria set
				forth in W.S.
				9-4-715(m);
(iii) A business plan accurately describing
				the existing business and its history, future business endeavors, and all
				characteristics of the project to be funded through IDB financing. The business
				plan must address, but should not be limited to, the following components:
(A) The total cost of the industrial
				development project and amount of financing sought;
(B) The source of applicant's required
				contribution of no less than twenty-five percent (25%) of the total cost of the
				project to be financed through IDB financing. The source of applicant's
				contribution may not be borrowed or financed, and the applicant must have an
				interest in the project free and clear of debt;
(C) Collateral offered to secure the IDB
				investment and evidence that the collateral is the property of the applicant
				and is unencumbered with any other financing or an indication that any such
				financing will be paid off with proceeds from the IDB;
(D) Analysis demonstrating that
				securitization of the IDB financing shall comply with the requirement that a
				loan-to-value ratio shall not exceed seventy-five percent (75%) of the
				appraised value of the collateral;
(E) Term of financing;
(F) Any other information reasonably
				necessary to inform the State's agencies and officials about the project to be
				financed, the nature of which may vary depending upon the type of business and
				facilities at issue.
(iv) A comprehensive chart and detailed
				description identifying all business entities related to the applicant, whether
				by contract or through a corporate affiliation;
(v) Financials for at least three (3) years,
				including tax returns;
(vi)
				Existing short- and long-term financing for property associated with the
				project to be financed through an IDB investment;
(vii) Existing appraisals on property
				associated with the project, as well as property offered as collateral, with
				the most current appraisals not being more than eighteen (18) months
				old;
(viii) All real and personal
				property rights offered as collateral to secure the proposed IDB
				investment;
(ix) Records concerning
				environmental health of facilities and underlying real property associated with
				proposed IDB-financed project, including without limitation, a Phase 1
				environmental report for any real property which is a part of the
				collateral;
(x) Notice and
				identification of any pending or anticipated litigations involving the
				anticipated project or property offered as collateral;
(xi) A copy of the application submitted to
				the Wyoming Business Council, copies of all material provided in support of
				such application, and all other documents and information provided to the
				Wyoming Business Council;
(xii) Any
				and all documents provided to the Governor's office in connection with its
				review of the IDB; and
(xiii) Any
				relevant ongoing or new information that arises any time after applicant's
				submission of its application which may influence or bear upon the review of
				the proposed IDB, including without limitation, new or altered financing
				arrangements, statutory, regulatory or rule changes which may impact
				applicant's project or operations or the proposal thereof, or changes in
				ownership.