reglab/statecodes huggingface dataset:
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 2 - ECONOMIC DISASTER LOANS › Section 2-6 - Terms, Conditions, and Repayment

Current through July 13, 2024
a. In making loans,
				the Board of Directors shall:
(i) establish
				for recovery of filing fees and other administrative fees at cost, which are
				required for the perfection of security interests;
(ii) set an interest rate (minimum 4% per
				annum) after considering:
A. the availability,
				likelihood of receipt, and the pledging of potential federal grants and/or
				loans, and insurance and legal proceeding proceeds, if any, for the immediate
				repayment of the Economic Disaster Loan, to the extent proceeds are
				available;
B. the extent of the
				Borrower's financial assets which could be used to meet its financial
				needs.
C. the extent of the
				verified uninsured economic disaster loss and the financial needs of the
				potential Borrower;
D. the proposed
				use of funds;
E. other interest
				rates associated with Borrowers existing indebtedness;
F. projected cash flows and repayment plan of
				the Borrower;
G. credit risk of the
				Borrower;
H. current and projected
				market interest rates;
I.
				collateral and security package;
J.
				personal guarantee(s) with a blanket lien;
K. whether the event was beyond the control
				of the Business or the result of poor management decisions and planning;
				and
L. the availability of a
				non-judicial foreclosure agreement with the Borrower's existing
				lenders.
(iii) establish
				the terms of repayment, not to exceed ten (10) years;
(iv) establish other terms and conditions
				determined to be necessary by the Board of Directors, as well as other
				customary and prudent terms and conditions, negative and affirmative covenants,
				cross-default, conditions precedent, security agreements, etc.;
(v) require written permission from the
				Borrower agreeing to allow the Department of Audit and an auditor designated by
				the Board of Directors to examine its books and records, upon request;
				and
(vi) require all statutory
				requirements regarding the loan be met.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 3 - LOAN GUARANTEE PROGRAM › Section 3-1 - Purpose

Current through July 13, 2024
a. These rules are adopted in order to
				implement W.S. 9-12-301 through
				9-12-307, which provide for the
				issuance of loan guarantees, specifically, W.S.
				W.S.
				9-12-301 (a) (i) (vii),
				
										9-12-302 (a),
				
										9-12-304 (a) (intro) (b), (b)(i) (f) and
				(f)(i) . The rules provide for a method of application, review and
				recommendation, the establishment of terms and conditions of loan guarantees,
				and a hearing process.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 3 - LOAN GUARANTEE PROGRAM › Section 3-2 - Eligible Applicants

Current through July 13, 2024
a. Any business
				requesting a loan guarantee as defined in section
				3(g) may submit an
				application to the Council for review and recommendation to the Board of
				Directors, as defined by legislation. Only complete applications shall be
				submitted to the Council.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 3 - LOAN GUARANTEE PROGRAM › Section 3-3 - Application Process

Current through July 13, 2024
a. All applications
				for a Loan Guarantee shall be submitted on the required forms. Complete
				applications will be accepted at any time and scheduled for final review and
				approval or denial by the Board of Directors on a first-come, first-served
				basis.
b. One (1) copy of the
				application shall be submitted to the Council offices at:
Wyoming Business Council
214 West 15th Street
Cheyenne, Wyoming 82002
c. Every application shall include, unless
				waived by the Council, the following at a minimum:
(i) complete copy of the originating
				Commercial Lender's analysis, recommendation and approval;
(ii) three (3) years of financial and tax
				statements (or in the case of a new business the most recent statements
				available since start-up), plus detailed and complete current financial
				statements of the Business and owner(s);
(iii) pro-forma cash flow statement
				projections of the Business for a minimum of three (3) years;
(iv) proposed collateral and collateral
				value;
(v) proposed use of loan
				funds (majority of funds cannot be used to refinance existing debt);
(vi) proposed personal guarantees;
(vii) certification by the originating lender
				that this "Loan Guarantee" is a greater benefit to the business than a
				traditional "Federal Guaranteed Loan" or the "Loan Guarantee Participation" as
				outlined in Chapter 1 of these rules;
(viii) certification by the lender and
				business that all statutory requirements will be met;
(ix) certification that the business will
				allow an examination of its books and records as required in
				W.S.
				9-12-306(a).
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 3 - LOAN GUARANTEE PROGRAM › Section 3-4 - Review and Recommendation

Current through July 13, 2024
a. Completed
				applications shall be reviewed by Council staff to determine eligibility,
				completeness, and credit-worthiness.
b. Applications that are determined by
				Council staff to be incomplete shall be provided an explanation of the findings
				in writing within fifteen (15) working days of their receipt where
				practical.
c. Council staff will
				formulate a recommendation for complete applications to the Board of Directors
				utilizing the criteria in
				W.S.
				9-12-303 and
				9-12-304.
(i) to include:
A. if the total guarantee shall not exceed
				one hundred thousand dollars ($100,000.00) per loan guaranteed or eighty
				percent (80%) of any net loan loss by the bank, whichever is less;
B. if there are sufficient funds in the
				economic development enterprise account to fully fund it and all other
				outstanding commitments and loans;
C. if the loan guarantee provided by the
				state is adequately collateralized by the originating bank and further secured
				by the personal guarantee of the owners of the business. The adequacy of the
				collateral and personal guarantees shall be determined by the Council
				staff;
D. if there is no more than
				one (1) guarantee issued and outstanding per business at any time;
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION › Section 4-1 - Purpose

Current through July 13, 2024
a. These rules are adopted in order to
				implement W.S. 9-12-301 through
				9-12-307, which provide for the
				making of loans to eligible community development organizations, state
				development organizations, and businesses. The rules provide for a method of
				application, review and recommendation, the establishment of terms and
				conditions of loans, and a hearing process.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION › Section 4-2 - Eligible Applicants

Current through July 13, 2024
a. Any commercial
				lender requesting "Wyoming main street loan participation" as defined under
				section
				3(h) may submit an
				application to the Council for review and recommendation to the Board of
				Directors, as defined by legislation. Only complete applications shall be
				submitted to the Council.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION › Section 4-3 - Application Process

Current through July 13, 2024
a. All applications
				for loans shall be submitted on the required forms. Applications will be
				accepted at any time and scheduled for final review and recommendation by the
				Board of Directors on a first-come, first-served basis.
b. One (1) copy of the application shall be
				submitted to the Council offices at:
Wyoming Business Council
214 West 15th Street
Cheyenne, WY 82002
c. Applications for "Wyoming main street loan
				participation" shall include, unless waived by the Council:
(i) complete copy of the originating lender's
				analysis, recommendation and approval;
(ii) three (3) years of financial and tax
				statements (or in the case of a new business the most recent statements
				available since start-up), plus detailed and complete current financial
				statements of the Business and owner(s);
(iii) pro-forma cash flow statement
				projections, if required by the commercial lender, of the Business for a
				minimum of two (2) years;
(iv)
				proposed collateral and collateral value;
(v) proposed use of loan funds (majority of
				funds cannot be used to refinance existing debt);
(vi) proposed personal guarantees;
(vii) architect/engineer design of renovation
				or a statement of intended use of funds to begin design process;
(viii) certification by the lender and
				business that all statutory requirements will be met; and
(ix) certification that the business will
				allow an examination of its books and records as required in
				W.S.
				9-12-306(a).
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION › Section 4-4 - Review and Recommendation

Current through July 13, 2024
a. Completed
				applications shall be reviewed by Council staff to determine eligibility,
				completeness, and credit-worthiness.
b. Applications that are determined by
				Council staff to be incomplete shall be provided an explanation of the findings
				in writing within fifteen (15) working days of their receipt where
				practical.
c. Council staff will
				formulate a recommendation for complete applications to the Board of Directors
				utilizing the criteria in
				W.S.
				9-12-303 and
				9-12-304
									 ;
(i) to
				include:
A. if the total loan amount to a
				commercial lender applying for "Wyoming main street loan participation" does
				not exceed 75% of the total loan amount or one hundred thousand dollars
				($100,000.00) whichever is less;
B.
				if there are sufficient funds in the economic development enterprise account to
				fully fund it and all other outstanding commitments and loans; and
C. if funds provided by the state are
				adequately collateralized. The adequacy of the collateral shall be determined
				by the Council staff at no more than 85% loan to value;
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION › Section 4-5 - Terms, Conditions, and Repayment

Current through July 13, 2024
a. In making loans,
				the Council shall:
(i) establish an up-front
				fee and/or a per annum administrative fee of at least one percent (1%) each of
				the total loan amount;
(ii)
				establish a commitment fee of 0.25% per annum of the amount of the unused
				commitment; to be assessed at the first anniversary of the loan date;
(iii) establish a commitment period for
				disbursement of loan proceeds not to exceed two years;
(iv) set an interest rate (minimum 4% per
				annum) after considering:
A. the
				dollar-for-dollar match;
B. the
				proposed source(s) and use(s) of the funds, and specifically, the percentage of
				owner's equity;
C. other interest
				rates associated with total project financing;
D. projected cash flows and business plan of
				the Borrower as well as the Business;
E. credit risk of the community development
				organization or state development organization and the underlying Third-party
				loans;
F. current and projected
				market interest rates; and
G.
				collateral and security package.
(v) establish the terms of repayment not to
				exceed twenty (20) years;
(vi)
				require written permission from the Borrower agreeing to allow the Wyoming
				Department of Audit and an auditor designated by the Board of Directors to
				examine its books and records, upon request;
(vii) reserve the right to terminate the
				agreement to ensure funds loaned or committed are invested within twenty-four
				(24) months: and;
(viii) require
				all statutory requirements regarding the loan be met.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 5 - ADMINISTRATIVE FUNCTIONS › Section 5-1 - Purpose

Current through July 13, 2024
Wyoming Statute
										21-18-202(c), (d) and (h),
				  21-18-203(a),
				  21-18-205(b),
				  (c) and (e),
				  21-18-225,
				  and
				  21-18-226.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 5 - ADMINISTRATIVE FUNCTIONS › Section 5-3 - Application Process For A Natural Gas Fueling Infrastructure Loan

Current through July 13, 2024
(a) Wyoming Statute
										21-18-205 created a statewide community
				college system operations funding mechanism based upon a statewide community
				college system strategic planning process attaching funding to state interests.
(i) The basis for fiscal-year 2019 and
				fiscal-year 2020 funding shall be the sum of:
(A) The 2017-2018 biennial budget
				appropriation for state aid to community colleges, adjusted by:
(I) Subtraction of the portion of the budget
				appropriation restricted to reimbursement of community college increased
				retirement contributions (unless appropriated separately by the legislature);
				and
(II) Recapture and
				redistribution of state aid as calculated in July 2015.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 5 - ADMINISTRATIVE FUNCTIONS › Section 5-4 - Review and Recommendation

Current through July 13, 2024
(a) The Commission
				shall prepare a consolidated biennial budget request for state assistance,
				including state funding for Commission programs, the community colleges and
				Wyoming Public Television in a format determined by the Budget Division of the
				Department of Administration and Information.
(b) The Commission shall hold at least one
				public budget hearing for the community colleges, after which the consolidated
				budget request for state assistance shall be submitted to the
				governor.
(c) Requests for state
				appropriations to fund the regular support and operation of the community
				colleges shall be developed in accordance with Wyoming Statute
										21-18-102 and
				21-18-203, and
				utilize a Commission-adopted funding allocation model.
(d) Wyoming Statute
				
										21-18-205 created a statewide community
				college system operations funding mechanism based upon a statewide community
				college system strategic planning process attaching state funding to state
				interests.
(i) The budget request model shall
				be derived from that principle, and it may consist of two components: the
				standard budget request and the exception budget request. The step-by-step
				procedures for calculation of both types of requests are outlined in Wyoming
				Statute
				
											21-18-102
				and
				21-18-203, and
				also in Section 3 of the Rules - Creating and Maintaining a Funding Allocation
				Model.
(A) The biennial standard budget
				request shall be based on amounts appropriated for state aid by Wyoming Statute
				
												21-18-102
				and
				21-18-203,
				including any external cost adjustments for fixed and variable costs, or other
				Budget Division adjustments to base.
(I) The
				allocation of the standard budget appropriation among the community colleges
				shall be adjusted to recognize variations in each community college district's
				revenue from biennium to biennium. The only exception to this is the variable
				cost funding subject to allocation in accordance with performance
				metrics.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 5 - ADMINISTRATIVE FUNCTIONS › Section 5-5 - Terms, Conditions, and Repayment

Current through July 13, 2024
(a) Unless
				otherwise directed by the legislature, state funding for the assistance of
				community colleges shall be allocated by the Commission to the community
				colleges on the basis of the funding allocation model and its adjuncts approved
				by the Commission, as outlined in Section 3 of these Rules - Creating and
				Maintaining a Funding Allocation Model.
(b) Distributions of state appropriations
				shall be made by the Commission to the community colleges in accordance with
				the funding allocation model or other legislative instructions, and at times
				and in amounts determined by the Commission.
(i) Unless otherwise specified by the
				Commission, distributions of state aid to the community colleges and Wyoming
				Public Television shall be made on or about July 15, September 15, December 15
				and March 15 of each fiscal year.
(ii) Unless otherwise specified by the
				Commission, distributions of state aid to the community colleges and Wyoming
				Public Television shall be made in the amounts of 15 percent, 15 percent, 10
				percent and 10 percent of the total biennial amount of state aid designated for
				each entity on the respective dates of each fiscal year.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 6 - Large Project Loan Program › Section 6-3 - Definitions

Current through July 13, 2024
(a) As used in this
				program:
(i) "Applicant" means a proposed or
				existing enterprise which will employ people within the state, provide services
				in the state, use resources in the state and/or otherwise add economic value to
				goods, services, or resources within the state.
(ii) "Council" means the Wyoming Business
				Council Board of Directors.
(iii)
				"Council Staff" means the staff at the Wyoming Business Council.
(iv) "Financial Records" means an applicant's
				financial statements, balance sheets, income statements, tax returns, or any
				other financial records deemed necessary for review.
(v) "Land development loan" means an
				extension of credit for the purpose of improving unimproved real property prior
				to the erection of structures. The improvement of unimproved real property may
				include the laying or placement of sewers, water pipes, utility cables,
				streets, and other infrastructure necessary for future development.
(vi) "Loan Review Committee" means a
				Committee comprised of the Governor or his designee, the Treasurer or his
				designee, and a member of the Council who has expertise in banking or
				experience in the banking industry designated by the Chief Executive Officer of
				the Wyoming Business Council.
(vii)
				"Owners" means an individual/entity possessing an interest in the applicant's
				business, at or more than twenty percent (20%) and/or a guaranteeing
				entity;
(viii) "Participant" means
				any Financial Institution(s) sharing a portion of the loan with the Wyoming
				Business Council through a participation agreement.
(ix) "Recipient" means a proposed or existing
				enterprise who has been awarded funds under the Large Project Loan
				Program.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 6 - Large Project Loan Program › Section 6-6 - Determination of Eligibility

Current through July 13, 2024
(a) Eligible
				projects and expenses. Eligible projects shall consist of an applicant's
				prospectively planned and well-defined business endeavor, and the project shall
				have a set beginning and completion date. A loan or loan guarantee issued
				pursuant to this Chapter shall not be used to fund past business or past
				construction expenditures. Expenses eligible for reimbursement from loan
				proceeds following execution of applicable loan or loan guarantee documents
				shall relate back no earlier than the submission of the request for the loan or
				loan guarantee to the Wyoming Business Council staff. Financing issued under
				this Chapter shall not primarily serve as a refinance mechanism or otherwise
				serve to substitute the loan or loan guarantee for an applicant's current
				lenders.
(b) Examples of eligible
				projects. The following economic development projects, to the extent they
				otherwise satisfy the criteria set forth in
				W.S.
				9-12-308 and these rules, may be eligible for
				large project fund financing:
(i)
				Manufacturing, fabrication or other industrial production facilities;
(ii) Agricultural development or food
				processing;
(iii) Development of,
				or improved utilization of, natural resources;
(iv) Research and development projects that
				will add economic value to goods, services or resources within or outside the
				State;
(v) Destination facilities,
				other than retail or food service businesses;
(vi) Product distribution and/or warehousing
				facilities;
(vii) Transportation or
				freight facilities;
(viii)
				Scientific testing including, but not limited to, medical, clinical or
				engineering testing services;
(ix)
				Utilities;
(x) Facilities
				associated with the management of waste; and
(xi) Other activities that represent a new
				technology or type of economic enterprise.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 6 - Large Project Loan Program › Section 6-8 - Post-closing

Current through July 13, 2024
(a) Subsequent
				requirements. The Wyoming Business Council staff shall continue to monitor the
				loan or loan guarantee after the closing. The documents shall contain periodic
				reporting and compliance requirements that the applicant shall be required to
				satisfy. Each recipient shall provide to the Wyoming Business Council staff an
				annual progress report updating the status of the project being financed by the
				loan or loan guarantee. These reporting and compliance requirements may
				additionally include, but are not limited to:
(i) An as-built survey;
(ii) Notification of other debt(s);
(iii) Annual financial statements;
(iv) Copies of tax returns;
(v) A report of the number and types of jobs
				created due to the project financed under this Chapter;
(vi) Property valuation of the project for
				property tax purposes; and
(vii)
				Notice of any regulatory violations.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 6 - Large Project Loan Program › Section 6-9 - Confidentiality

Current through July 13, 2024
Information and any other documentation submitted in support
				  of a request for a loan or loan guarantee pursuant to the large project
				  program, once submitted to a State agency or official, shall be governed by the
				  Public Records Act,
				  W.S.
				  16-4-201 through 205, as amended. Upon
				  receipt of a request to disclose an application for a loan or loan guarantee or
				  supporting information, the Wyoming Business Council shall make a determination
				  as to whether the information must be disclosed pursuant to that Act. The
				  Wyoming Business Council, before it makes said determination or discloses an
				  applicant's information, shall inform the applicant of its determination. The
				  applicant may be required to justify to the Wyoming Business Council why
				  information submitted should be withheld under the Act or any other authority.
				  Wyoming Business Council will not disclose said information if disclosure is
				  likely to result in the impairment of the government's future ability to obtain
				  necessary information and/or result in substantial harm to the competitive
				  position of the recipient that provided the information to Wyoming Business
				  Council.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-1 - Purpose

Current through July 13, 2024
(a) The purpose of the program is to promote
				and continue economic development at the city, town and county level by
				providing adequate housing necessary to create additional economic health and a
				stronger state economy in order to promote the economic welfare of the state
				and its residents. These rules are adopted in order to implement
				W.S.
				9-12-901 through
				9-12-905, which provide for the
				making of loans to eligible applicants for workforce housing infrastructure.
				The rules provide for a method of application, review and recommendation, the
				establishment of terms and conditions of awards and a hearing
				process.
(b) Guiding Principles of
				the Wyoming Housing Infrastructure Program:
(i) Support to Wyoming's communities which
				are diverse in size, resources, and economies.
(ii) Support projects which will help people,
				families and communities thrive.
(iii) Support and encourage communities to
				develop innovative responses to their housing challenges through a flexible
				housing program.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-2 - Authority

Current through July 13, 2024
Rulemaking for this program is the responsibility of the
				  Wyoming Business Council as authorized by
				  W.S.
				  9-12-104(a)(iv)  and
				  W.S.
				  9-12-902.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-4 - Eligible Applicants

Current through July 13, 2024
(a) A county, an
				incorporated city or town, special improvement district and joint powers board
				may apply. A joint powers board may apply with the approval of all
				participating agencies to the joint powers agreement.
(b) The Council may enter into cooperative
				agreements with the Eastern Shoshone Tribe and the Northern Arapaho Tribe in
				order to promote the purpose of this program and fund infrastructure
				projects.
(c) A county, an
				incorporated city or town and joint powers board may contract with a Community
				Development Organization, State Development Organization or non-profit
				organization to use loan funds from an approved application.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-5 - Eligible Workforce Housing Infrastructure Activities

Current through July 13, 2024
Workforce housing infrastructure includes:
(a) Rights of way;
(b) Sewer and water distribution
				projects:
(c) Storm water control
				and drainage facilities;
(d)
				Streets, roads and bridges;
(e)
				Curbs, gutters and sidewalks;
(f)
				Lift stations;
(g) Traffic
				signals;
(h) Street
				lighting;
(i) Payment for the
				additional cost of over-sizing water and sewer distribution lines through or to
				a subdivision to accommodate future expansion;
(j) The purchase of land as necessary to
				accommodate infrastructure projects;
(k) Other infrastructure consistent with the
				purpose of this program, including, but not limited to, the following if
				publicly owned:
(i)
				Telecommunications
(ii) Electric
				utility lines
(iii) Gas utility
				lines
(iv) Infrastructure required
				by local government development regulation.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-6 - Ineligible Workforce Housing Infrastructure Activities

Current through July 13, 2024
Workforce housing infrastructure shall not include:
(a) Projects, the primary purpose of which is
				to bring public infrastructure to existing housing which is supplied by a well
				or uses a septic system. Nothing prohibits the use of funding under this
				program to provide such infrastructure as incidental to an approved
				project.
(b) Refinancing of
				existing projects that have been financed previously with other
				resources.
(c) Financing any
				project under the Wyoming Water Development Program established by
				W.S.
				41-2-112 through
				41-2-124.
(d) Financing any project that does not
				provide for the construction of additional housing units or that involves
				rehabilitation or expansion of existing infrastructure unless the Council
				determines the rehabilitation or expansion is necessary to meet the purposes of
				this program.
(e) Financing any
				infrastructure project which is not under public ownership.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-8 - Local Public Hearing and Approval

Current through July 13, 2024
(a) An applicant is
				required to solicit citizen input through a published public hearing before
				submission of an application. For the purposes of this program seven (7) days
				is the minimum period for notification of a hearing date.
(b) An application must be accompanied by a
				signed resolution passed by the applicant.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-9 - Funding Cycles

Current through July 13, 2024
(a) Applications
				will be accepted once a year or as determined by the availability of funds.
				Applications will be ranked and reviewed through a competitive application and
				scoring system adequate to measure the benefits of each application.
(b) An applicant may only submit one
				application per funding cycle.
(c)
				An applicant may request, with a single application, funds up to the annual
				maximum amount for a multi-year project for a period not to exceed three fiscal
				years.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-10 - Application Procedures

Current through July 13, 2024
Responsibilities of the Council or contractor.
(a) The Wyoming Business Council Regional
				Director is available to assist applicants with the development of projects and
				preparation of applications.
(b) An
				application shall be reviewed by the Council Staff or contractor to determine
				eligibility and completeness. An application that is determined by the Council
				Staff or contractor to be incomplete shall be provided an explanation of the
				findings in writing within fifteen (15) working days of its receipt where
				practical.
(c) An application that
				is complete shall be forwarded by the Council Staff or contractor with a
				recommendation to the Council for its review.
(d) The Council Staff or contractor shall
				publish statewide notice of Council and Board meetings at which Workforce
				Housing Infrastructure Program applications will be discussed.
(e) The Council shall consider each
				application, allow for comments from the public, the applicant, and the Council
				Staff or contractor, and refer to the Board the application with a
				recommendation.
(f) Under
				extraordinary circumstances the Council may recommend a waiver of rule
				requirements if the Council determines the waiver is consistent with the
				purpose of the Workforce Housing Infrastructure Program.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-11 - Application Evaluation and Scoring System

Current through July 13, 2024
The Council and Board shall evaluate an application
				  utilizing the following criteria. The score is not intended to be the only
				  basis for a final recommendation by the Council or award decision by the Board
				  (170 total points).
(a) The need for
				the proposed housing (25 points).
(b) The affordability of the proposed housing
				(40 points).
(c) The number of
				additional housing units to be developed, with consideration of the percentage
				of critical workforce housing needs in the community to be served (15
				points).
(d) The extent to which
				the project is part of and fulfills an overall community and economic
				development plan (10 points).
(e)
				The extent to which the project demonstrates readiness (20 points).
(f) The viability and thoroughness of a
				housing development plan which includes, at a minimum, a subdivision
				development description with build out plan, , market investigation and
				marketing plan (25 points).
(g)
				Developer/builder performance and experience including management
				qualifications, financial capacity and track record of successful development.
				( 25 points).
(h) Contributions
				toward the project from non Council sources. Non Council contributions may
				include but are not limited to cash, land for rights of way, construction
				materials and manpower. (10 points).
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-12 - Program Administration

Current through July 13, 2024
The Council may negotiate and enter into contacts or
				  memoranda of understanding with Wyoming state agencies, authorities or
				  instrumentalities as necessary or convenient to facilitate the Council's duties
				  under this program.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-13 - Fund Disbursement and Project Monitoring

Current through July 13, 2024
(a) Fund
				Disbursement. Funds shall be disbursed to the applicant only as needed to
				discharge obligations incurred in accordance with the Board approved eligible
				project costs. Request for disbursement shall be made on a form supplied by
				Council Staff or contractor and supported by adequate proof that such an
				obligation has been incurred for the project purpose.
(b) Fund reversion.
(i) If the Council Staff or contractor
				determines the project has not started within one (1) year from the date the
				loan is approved, the loan will automatically expire. Based on information
				supplied by the applicant, Council Staff or contractor may grant an extension
				of time in which to start the project.
(ii) If the Council Staff or contractor
				determines that the project has not been completed within a reasonable time,
				Council Staff or contractor shall notify the applicant in writing at least
				thirty (30) days prior to presenting the matter for Board review.
(iii) If the Council Staff or contractor
				determines that the project is complete, but the full amount of the loan has
				not been expended, the Council Staff or contractor shall notify the applicant
				of this determination. Thirty (30) days following the notification, the unused
				portion of the loan shall revert to uncommitted status.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-1 - General Policy

Current through July 13, 2024
It is the policy and intent of the program to support and
				  encourage communities to develop innovative responses to their workforce
				  housing challenges. Project structure however, must demonstrate a method to
				  ensure:
(a) Constraints are in place
				that prevent unduly enriching a developer/builder.
(i) This may include but is not limited to
				the following method: to ensure the land developer or homebuilder is not unduly
				enriched as a result of the public investment for the workforce housing
				infrastructure, the applicant, developer and builder shall enter into a
				development agreement that includes the following cost information for the lot
				and the house:
(A) Developer lot cost: the
				developer shall provide cost information for the workforce housing subdivision.
				The costs shall include but are not limited to, land costs, on-site and
				off-site improvement costs (i.e. water, sewer, roads), materials and labor,
				soft costs including design and planning, consultant fees, permitting costs,
				construction interest and developer fees (developer fees shall be limited to no
				more than 1 5% of development costs). This information will be used to
				determine the developer cost for each lot.
(B) Public investment lot cost: the applicant
				shall provide cost information for the eligible workforce housing
				infrastructure as outlined in Chapter 1, Section 5. This information will be
				used to determine the public investment cost for each lot.
(C) House cost: the builder shall provide
				cost information for the workforce housing. The cost shall include but are not
				limited to, cost of construction including materials and labor, soft costs
				including design and planning, consultant fees, permitting costs, construction
				interest and builder profit, overhead and general requirements (this shall be
				limited to no more than 14% of builders costs).
(D) As part of the development agreement the
				applicant shall place a lien on each workforce housing lot. For example, if the
				public investment cost to construct the workforce housing infrastructure is
				$300,000 and 30 workforce housing lots will be developed the lien amount per
				lot would be $10,000. The lien is filed with the county clerk along with the
				final plat of the subdivision or at the time the workforce housing
				infrastructure loan is executed if the plat was previously filed. All homes
				sell for the predetermined lot cost, plus house cost as identified in the
				development agreement. At the time of closing the sale price of the home to the
				homebuyer is reduced by the per lot cost of the public investment for the
				workforce housing infrastructure. The homebuyer has two payments, one to their
				mortgage company and the other to the applicant of the workforce housing loan
				i.e. city, town, county, special improvement district, joint powers board or
				tribe.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-3 - Community Land Trust Projects

Current through July 13, 2024
(a) In addition to
				meeting all other requirements of the program, loans made for a project
				involving a community land trust shall require:
(i) The land subject of the trust be owned or
				leased by a political subdivision of the state, including a city, town, county,
				special improvement district or a housing authority authorized under
				W.S.
				15-10-116.
(ii) The land be used for workforce housing
				with lots for housing leased and with the political subdivision remaining the
				owner of the land or the primary lessee.
(iii) The leases of the lots be upon such
				terms as to allow commercial lenders to lend funds for housing construction on
				terms comparable to housing built on fee owned lands. The commercial lender
				shall have all remedies in the event of a default by the homebuyer, however, in
				no case shall the commercial lender be allowed to foreclose on the land subject
				to the trust.
(iv) The housing
				development on lands subject to the trust include a specified percentage or
				number of housing units at specified maximum initial sale prices or be required
				to have a specified initially finished, maximum square footage as required by
				the political subdivision making application under this program, through zoning
				or other land use restriction.
(v)
				The lease terms for the housing constructed on the land subject to the trust
				provide for continuation of the initial long term community benefit through
				subsequent sales of the housing.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-4 - Previous Applicant

Current through July 13, 2024
An applicant must show that satisfactory performance has
				  been demonstrated under previous loans awarded through this program, any other
				  grant and loan programs through the Council or through any agency or
				  instrumentality of the State.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-6 - Interest Rate and Term

Current through July 13, 2024
(a) The Council
				shall establish the interest rate and term based on the quality of the revenue
				stream dedicated to repay the loan and the quality of the collateral to secure
				the loan..
The following criteria shall be used when determining the
				  quality of the revenue stream and collateral:
(i) Revenue stream
(A) Certainty of stream over time
(B) Debt coverage ratio
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-7 - Security Interest

Current through July 13, 2024
A loan shall be adequately collateralized. Collateral may
				  include but is not limited to land, buildings, marketable securities, bank
				  deposits and equipment.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-8 - Attorney General Opinion

Current through July 13, 2024
No loan shall be made without the written opinion of the
				  Attorney General certifying the legality of the transaction and all loan
				  documents. An election approving the project and borrowing for the project by
				  the qualified electors of the borrowing entity shall be required only if the
				  Attorney General determines such an election is otherwise required by
				  law.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-9 - Council Consideration

Current through July 13, 2024
The Council shall consider each application, allow for
				  comments from the public, the applicant, and the Council Staff or contractor
				  and refer to the Board the application with a recommendation including the
				  amount of the loan, the term of the loan, and the type of security required to
				  secure the loan.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-10 - Disbursement of Loan Proceeds

Current through July 13, 2024
At closing, the loan proceeds shall be deposited in an
				  escrow account to be disbursed solely for the approved loan purposes. The
				  applicant shall pay the costs of the escrow account. If the escrow account is
				  interest bearing, interest earned shall be credited to the applicant. Applicant
				  shall submit all requests for payment on a form provided by the Council Staff
				  or contractor, with supporting documentation. The Council Staff or contractor
				  shall approve or disapprove pay requests in whole or in part within 5 working
				  days and notify escrow bank of the amount to be disbursed to the applicant.
				  Escrow deposits over $100,000 shall be secured with securities or other assets
				  owned by the bank and acceptable to the applicant and the
				  Council.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0007 - Main Street Program, Wyoming › Chapter 1 - WYOMING MAIN STREET PROGRAM › Section 1-1 - Authority

Current through July 13, 2024
Pursuant to authority vested in the Wyoming Business Council
				  by virtue of
				  W.S.
				  9-12-1104(c), the following
				  rules are hereby promulgated and adopted.
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0007 - Main Street Program, Wyoming › Chapter 1 - WYOMING MAIN STREET PROGRAM › Section 1-2 - Definitions

Current through July 13, 2024
(a) As used in
				these rules:
(i) "Board" means the Wyoming
				Main Street Advisory Board;
(ii)
				"Business" means any existing enterprise which employs people within the state,
				provides services within the state, uses resources within the state or
				otherwise adds economic value to goods, services or resources within the state,
				and includes farm and ranch operations;
(iii) "Business area" means a commercial area
				existing at the time a municipality requests services under the Wyoming Main
				Street Program;
(iv) "Council"
				means the Wyoming Business Council Board of Directors;
(v) "Council staff" means the staff of the
				Wyoming Business Council;
(vi)
				"CEO" means the Chief Executive Officer of the Wyoming Business
				Council;
(vii) "Municipality" means
				a city, town, county or district;
(viii) "Program" means the Wyoming Main
				Street Program;
Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0007 - Main Street Program, Wyoming › Chapter 1 - WYOMING MAIN STREET PROGRAM › Section 1-4 - Wyoming Main Street community application process

Current through July 13, 2024
(a) An application
				shall be submitted to the Council staff on the prescribed form.
(b) The Council staff will distribute copies
				of the applications to the board for review. The Board will prioritize the
				applications using the following criteria:
(i) Support and funding demonstrating a
				widespread collaborative effort between public and private sectors;
(ii) Historic building data and evidence of
				past and current historic preservation activities;
(iii) Potential for economic growth using
				realistic and justifiable goals to achieve the Main Street Four-Point
				Approach;
(iv) Current community
				demographics including patterns of development, ownership, and use which
				indicate that the raw materials for a downtown revitalization effort is in
				place;
(v) Previous history of
				downtown revitalization activities with the support and involvement of
				different groups in the community;
(vi) Readiness of individuals in the public
				and private sectors who demonstrate an understanding of and enthusiasm for the
				Main Street Approach.