94-457 C.M.R. ch. 5, § 2 - REQUEST BY THE MIDCOAST REGIONAL REDEVELOPMENT AUTHORITY

The Midcoast Regional Redevelopment Authority may request that the Authority issue a Certificate of Approval. Each request for a Certificate of Approval must be accompanied by:

1. Project Information. General information identifying and describing the borrower, the proposed project, the proposed guarantors, if any, the proposed financing of the project as specified in the application form and as otherwise requested by the chief executive officer, and shall include evidence of management and planning capability of the borrower, evidence pertaining to the project's proposed plan of financing, including effective written commitments from all sources of financing for the project, evidence of the economic feasibility of the project, including market information and a business plan, a description of the proposed collateral, pro forma financial statements, historical financial statements, if applicable, guarantor and personal financial statements, if applicable, and such other evidence or information as the chief executive officer may reasonably require. The chief executive officer will review each application for completeness and eligibility. Applications that are not substantially complete may be deemed not received until completed and the chief executive officer shall promptly inform the Midcoast Regional Redevelopment Authority of the basis for any such determination. The chief executive officer shall, in the reasonable exercise of discretion, determine when an application is received, which determination shall be final.

2. A nonrefundable application fee equal to 2% of the proposed financing amount up to a maximum fee of $2,500.

Notes

94-457 C.M.R. ch. 5, § 2