3 AAC 99.590 - Fees and other charges

(a) The nonrefundable application fee for development project financing is

(1) $5,500 for financing of less than $10,000,000;

(2) $11,000 for financing from $ 10,000,000 to $20,000,000;

(3) $22,000 for financing in excess of $20,000,000;

(b) If the authority is to provide development project financing in combination with financing under another financing program of the authority, the application fee due under (a) of this section may be waived by the authority if the application fee due under the other program is paid.

(c) A commitment fee is due upon acceptance of the authority's commitment letter to provide development project financing for a development project the authority does not intend to own or operate. The commitment fee is one percent of the principal amount of the financing the authority is providing. The commitment fee is non-refundable. The authority will credit the non-refundable application fee paid under (a) of this section against the commitment fee due for the development project.

(d) At the closing of any type of financing, the project applicant must pay for all transaction costs of the closing and must reimburse the authority for its costs of underwriting and closing the financing. After a commitment letter is issued and before closing, the authority will provide the project applicant with an estimate of the closing costs. The estimate will not be binding on the authority. Actual costs will be charged to the project applicant.

(e) The project applicant may elect to have the closing costs required by (d) of this section paid from the proceeds of the development project financing, and the project applicant may have the commitment fee reimbursed from the proceeds of the financing.

(f) The authority may require the project applicant to reimburse the authority for other costs, including those described in 3 AAC 99.560(b).

Notes

3 AAC 99.590

Eff. 12/5/2013, Register 209, April 2014; am 6/28/2018, Register 227, October 2018

Authority:AS 44.88.080

AS 44.88.085

AS 44.88.172

AS 44.88.212