order to be eligible for financial assistance from the Program, an Applicant
must demonstrate that the Project will meet all the following criteria, as
determined by the Authority:
(1) Market need
for the Project;
(2) Economic need
for the Project;
capacity to provide the Authority with a return of and on its
(4) The Applicant has
the right, title and interest in the property required to develop the Project;
(5) Capacity to market and
manage the Project.
No later than one year after the initial provision of financial assistance from
the Program, the Owner must provide a financial return on the Authority's
investment on the terms specified in the agreement with the
C. The Authority shall
not provide financial assistance from the Program greater than the sum of the
total costs for acquisition development and/or redevelopment of a Project, as
determined by the Authority. All other costs, such as those associated with
ongoing operations, marketing and administration, are not eligible for
financial assistance from the Program.
D. The Authority will consider geographic
location of a Project, to avoid over concentration of Authority projects in one
area of the state.
E. A Project
must be located on a developable site in accordance with all state, federal and
local regulations. Such site must have adequate utilities and services to
support the intended use of the building and the use of the building for
business and commercial purposes.
F. The Authority shall consider the state
economic development strategy and the policies and activities of the Department
of Economic and Community Development in evaluating a Project.
H. The Authority will not approve an
application for financial assistance from the Program where, in the Authority's
judgment, the Authority's financial assistance would supplant financial
assistance from other federal, state or local development assistance programs
The Authority will consider restructuring existing debt, if that restructuring
makes the project feasible.