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(a) After adoption by the authority of an eligibility resolution under 3 AAC 99.210(c) , or a determination of eligibility by the authority under 3 AAC 99.210(d) , the originator and the applicant may prepare an application for authority participation in the loan.
(b) An application for authority participation must be submitted by the originator to the authority along with a non-refundable $1,000 fee. If the authority issues a commitment to purchase a participation in the originator's loan, and the loan commitment issued by the authority is accepted and signed by the originator and borrower and returned to the authority, the non-refundable $1,000 application fee will be credited against the authority's commitment fee as required by 3 AAC 99.260(b) . The authority will, in its discretion, require the originator to include with the application any of the following:
(1) a letter of transmittal;
(2) a loan summary, including originator approval at the appropriate level of authority;
(3) a list of other unpaid loan(s) to the applicant or, if the applicant is not a single proprietorship, to any member of the applicant's business enterprise, from the state or other public corporation of the state along with applicant certification that each unpaid loan is current and no other loans exist;
(4) a current credit report of the applicant and the guarantors, if any;
(5) a signed current balance sheet and year-to-date profit and loss statement on the applicant, not more than 90 days old from the date of application, fiscal year end balance sheet and profit and loss statement for the prior three years on the applicant; current balance sheet and federal income tax return for the prior two years on all guarantors and co-borrowers;
(6) copies of the applicant's federal income tax returns for the prior three years, if the balance sheet and profit and loss statement required from the applicant in (5) of this paragraph are not audited by a certified public accountant;
(7) copies of the earnest money receipt and agreement, option to purchase, contract to purchase, or invoice for purchase of land, land and improvements, or tangible personal property related to the project;
(8) a copy of a lease for land and improvements related to the project;
(9) a detailed description of real or tangible personal property to be acquired for the project;
(10) a detailed construction cost estimate;
(11) an estimate of the number of jobs to be created or retained by this project;
(12) if the loan is to be secured by real property, a written appraisal report acceptable to the authority estimating the value of the real property:
(A) if the total loan amount is equal to or less than $1,000,000, the appraisal may be a summary appraisal report;
(B) if the total loan amount is greater than $1,000,000, the appraisal must be a self-contained appraisal report;
(13) if the loan is for the purchase of tangible personal property, an appraisal in a format acceptable to the authority prepared by an appraiser who is acceptable to the authority;
(14) copies of leases, or agreements to lease or to renew a lease between the applicant and project tenants, including a list of tenants, lease rates, terms, and options;
(15) a financial feasibility analysis satisfactory to the authority;
(16) an environmental risk assessment satisfactory to the authority, followed by an environmental audit if required by the authority; and
(17) any other information considered necessary by the authority to evaluate the application.
(c) The applicant shall submit to the authority, in addition to the materials required in (b) of this section, a statement that the applicant is in compliance with any applicable capital expenditure restrictions of the code.
(d) Evidence of compliance with the Internal Revenue Code of 1986, as amended, must be submitted before the authority issues bonds for a project. The authority will hold a public hearing concerning the project. After the public hearing is completed, and before the authority issues the bonds, the governor must certify that the public hearing was conducted in compliance with the provisions of the code and must approve the issuance of the bonds.
History: In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 7/19/91, Register 119; am 9/25/92, Register 124; am 2/11/99, Register 150; am 11/1/99, Register 153; am 2/8/2001, Register 158
Authority: AS 44.88.080
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Last modified 7/05/2006