Each application must be submitted on forms provided by the
Authority. All applications submitted to the Authority must be accompanied by a
cover letter signed by the chief executive officer of the municipality
indicating the names of the projects for which applications are being
submitted. The completed application must designate the primary developer and
include a copy of the public notice together with an affidavit of publication
of such notice, a certified copy of the municipality's resolution approving the
project, and evidence with respect to the program objectives described in
Sections 1100.430 through
1100.450. Applications must also
include disclosure of the names and functions of participants in the project in
addition to the primary developer, including entities providing financing,
contractors, architects, engineers, attorneys, accountants and other
professional advisors, to the extent that the various participants are known at
the time of application. Full disclosure of the various participants is
required prior to the disbursement of any grant funds. Applications shall also
include where appropriate:
a) A
description of the project to be undertaken, and of the controlling interests
in the property (e.g. fee title, lease, option to purchase, beneficial
interest). The applicant must substantiate the market and economic feasibility
of the proposed project, must analyze the economic benefits which the
activities are expected to produce, and must show how the proposed activities
will take advantage of opportunities to attract private investment. Economic
feasibility may be substantiated by a variety of means calculated to
demonstrate that the revenues expected to be generated by a project will be
sufficient to pay the cost of capital and operating expenses of the project.
Market feasibility may be substantiated by a variety of means calculated to
demonstrate that the projected revenues and expenses of the project are
realistic in light of market factors. The applicant must identify the public
and private participating parties in the proposed project, the respective
activities to be performed by each and the amount of program funds to be
allocated to each activity. Information provided shall include projected costs
and methods of financing.
b) A
clear description of the use of program funds and a justification of the
amount, which amount must be the least amount necessary to make the project
feasible. Also, the application must demonstrate that without program funds,
the project would not be undertaken. The applicant may demonstrate the need for
the grant by a variety of means calculated to show that the funding applied for
fills a gap in the financing for the project for which other funds are not
available. Examples of the means to demonstrate such matters include a table of
sources and uses of funds for the particular project, sets of pro forma
financial statements for the project prepared both with and without the use of
grant funds or a certificate of the owner or the developer that the project
would not go forward without program funds.
c) Documentation of private and public
commitments which are necessary for completing the project. This document shall
be in the form of agreement to complete or to provide financing for the
project. Examples of private commitments include an executed contract or a
letter of intent furnished by a financial institution. No application will be
considered unless there is evidence of at least a private commitment and, if
necessary, a public commitment. Public commitments relate to activities
necessary to the completion of the project which must be performed by a
governmental body or agency. Examples of such public commitments include
furnishing of infrastructure items to a particular project site or
rezoning.
d) A statement analyzing
the impact of the project on the surrounding area, including the impact on low
and moderate income persons.
e) A
summary of all proposed expenditures to be undertaken to complete the project
and a breakdown of the individual public and private expenditures.
f) A detailed schedule for accomplishing each
part of the proposed project.
g) A
survey of the project site and maps, aerial photos, site plans or other graphic
descriptions of the project showing the availability of transportation and
utility service, and surrounding land uses.
h) A summary of the new tax revenues to be
generated by the project.
i) Data
specifying the number and types of jobs to be created by the project, the skill
levels or experience required to fill such jobs and estimates of salaries to be
paid for such jobs.
