§ 1-16B-40 — Application by local agency for loan--Contents.

Prior to loaning of any funds to an enterprise for a development project, the authority shall receive from the enterprise a loan application in the form adopted by the authority which shall contain, without being limited to, the following provisions: (1) A general description of the development project and a general description of the enterprise for which the development project has been or is to be established; (2) A legal description of all real estate necessary for the development project; (3) Plans and other documents to show the type, structure and general character of the development project; (4) A general description of the number, types and skills of employees to be employed; (5) The cost or estimates of cost of establishing the development project; (6) A statement of the value of any property which the enterprise applied or intends to apply to the establishment of the development project; (7) A statement of cash funds previously applied, or at present held by the enterprise which are to be applied to the establishment of the development project; (8) Evidence of the arrangement made by the enterprise for the financing of all costs of the development project; (9) Evidence that the development project probably will not cause the removal of a plant or facility from one area of the state to another area of the state; (10) Any additional evidence pertinent to a determination of the probable success of the development project at the selected location, and evidence that a substantial increase in employment and payrolls will probably result from the granting of the loans; (11) Evidence that the enterprise does currently or will possess the ability to obtain the revenues which will be used to repay a loan to finance the development project.

Legislative History

SL 1978, ch 9, § 31; SL 1986, ch 14, § 12.