Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0005 - Workforce Housing Infrastructure Loan Program › Chapter 2 - WORKFORCE HOUSING INFRASTRUCTURE LOANS › Section 2-2 - Application Submittal Requirements

Current through July 13, 2024
An applicant shall submit four (4) copies of its completed
				  application to the Council or contractor. It shall include:
(a) An application cover page in a form
				provided by the Council Staff or contractor.
(b) A copy of the certificate of
				incorporation of the organization, if the project will be carried out by
				contract with a Community Development Organization, State Development
				Organization or non-profit organization.
(c) A copy of the certificate of organization
				filed with the Secretary of State and a copy of an executed joint powers
				agreement approved by the Attorney General, if the applicant is a joint powers
				board.
(d) A copy of the signed
				resolution of support from the applicant or the member agencies if the
				applicant is a joint powers board
(e) A full description of the proposed
				project including a development agreement between the applicant and the
				developer/builder.
(f) A clear
				total development costs statement and a sources and uses statement listing all
				funds needed to complete the project. An explanation of the level of commitment
				of other funds to complete the project. The budget must be supported by an
				engineer's or architect's estimate of project costs. Loans will be made only to
				applicants who demonstrate that upon receipt of the loan all project costs will
				be funded.
(g) A detailed map of
				the project showing the location of the entire infrastructure project and
				identifying the housing site(s) and all other sites which will benefit from the
				infrastructure to be funded.
(h)
				The method to prevent unduly enriching a developer/builder.
(i) The method to prevent speculators from
				buying a house and quickly selling at a profit.
(j) The method to ensure the public
				investment is passed on to the home buyer.
(k) The source of repayment of the
				loan.
(l) Proposed security for the
				loan.
(m) In order for the Council
				to determine the ability of the applicant to repay a loan and to aid the
				Attorney General in evaluating the legality of the proposed indebtedness, an
				applicant shall provide an annual budget for the preceding and current fiscal
				years and a completed financial statement provided on a "General Financial
				Information" form provided by the Council Staff or contractor, that includes,
				but is not limited to the following information:
(i) As available, assessed valuation for the
				current and two preceding fiscal years.
(ii) Total bonded and non-bonded
				indebtedness, including outstanding principal balance, interest rate, and
				remaining term.
(iii) Total mills
				levied within the jurisdiction of the applicant for the current and two
				preceding years; and, a breakdown of the mill levy for the current fiscal
				year.
(iv) Sales and use tax
				imposed within the jurisdiction of the applicant.
(v) A summary of the applicant's total
				investments and cash balances for the two preceding fiscal years.