1-16B-40. Application by local agency for loan--Contents.
291 words·~1 min read·
/sd/title-1/chapter-1-16/1-16b-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.