List of Required Exhibits
Please attach to your application the following exhibits:
A. History and Background of Applicant
The history and background information should include: date established, dates of major changes in business, employee and sales growth, dates new products/services lines were established and other major influences on the products produced or services provided. If applicant is a developer, give a detailed description of the applicants performance history in the development and leasing of similar projects, including types of projects, location, dates, types of buildings and users, etc. Include supplemental materials as attachments. Please include information on the type of business including the Standard Industrial Classification Code, Standard Industrial Classification Category, Form of Organization i. e. Sole Proprietorship, Partnership, Corporation, Type State in which incorporated and date of Incorporation. Please state if Applicant is Wholly or Partly Owned by Any Other Business. If “Yes, name the other companies and their percentage of ownership and describe other ownership
B. Financial Statements
For existing businesses, financial statements for the previous three (3) years of operation. Audited and reviewed statements are preferred. In the absence of audited or reviewed financial statements, the applicant is required to complete Three-Year Comparison of Income and Expenses, and Three-Year Comparative Balance Sheet. A Three-Year Projection of Income and Expenses, and a Three-Year Proforma Balance Sheet, including a statement of all underlying assumptions for income and expense projections. For commercial bond sales, a projected cash flow analysis for the project, in the same or similar detail shall be prepared for the entire term of the proposed bond issue and loan. A description of all assumptions used in forecasting income and expenses shall accompany all projections. Debt service expenses should be separated by lending source, and the method of depreciation must be noted. A Personal Financial Statement must be submitted for each individual owning more than 20% of the company. If a sole proprietorship or a partnership is the applicant, both Statements of Personal History, and Personal Financial Statements must be submitted whether or not the principals will be providing a personal guarantee for the loan.
B. Principal Shareholders
Please give name, address and % ownership of (5% or more), if corporation; or all partners, if partnership. If ownership of any property financed will be held by a Land Trust, identify the trust, trust address and all beneficiaries, including the percentage of beneficial interest of each. List the names of and other information regarding primary individuals responsible for the management of the business. including position, ownership percentage if any and date started.
C. Project Description
Describe all elements of the proposed project, including land and/or building acquisition, building construction and/or renovation, equipment purchases and installation, etc.; give estimated project time schedule (commencement and completion dates and interim milestone dates if appropriate). Describe the products to be produced or services to be provided at the proposed facility. If the applicant will occupy less than 100% of the building, provide information regarding other tenants. Include tenant name, type of business, amount of space to be leased and term of lease agreement.
D. Machinery and Equipment Description
List all major equipment, or categories of equipment whether new or used and cost to be acquired with this loan. Lead time is the Amount of time necessary between placement of an order and delivery. Use attachments if necessary.
E. Project Location, Site and Building Information
Please give the mailing address of the project location and information on the property to include Number of Acres or Square Feet, whether or not there is availability of Access roads, Rail siding, Utilities Water, Sewer , Electricity , Natural Gas and Other existing site features and improvements, e.g. terrain, flood hazard areas and other natural features; driveways and parking areas; etc. Describe the significant features of each existing or proposed new building, including age, if existing; general architectural style and features; dimensions; square footage; number of stories; type of construction (masonry, metal, wood frame, etc.); and type of use(s) by square footage.
Please list Existing Financing Arrangements including List lines of credit, current loans, etc. Identify bank and account officer. Also provide information on the Proposed Bond Purchaser, If a Commitment Letter or Letter of Interest has been received, please attach a copy. Please identify if there will there be a public placement of the bond issue. If yes, give the name of the underwriter or investment banker.
If repayment of the bond issue is to be guaranteed by an entity other than the Borrower, please list the name and address of the guarantor (s), and their relationship to the Borrower. Please indicate if the owners and/or partners of the business or other interested parties going to personally guarantee repayment of the bonds. Please identify if there will be additional credit enhancement, e.g. insurance, letter of credit, etc. If unstated, the Authority will assume personal guarantees will be provided by all owners of 20% and over.
Describe fully the collateral to be offered to WKRDA as security for the loan, e.g. first or second mortgage, first or second lien on equipment, personal guarantees, corporate guarantee, co-signer, etc.
Please provide information on the Current and Projected Employment. One of the principal purposes of WKRDA is to create new, permanent jobs and/or assist in the retention of existing jobs. The Authority places much importance on job creation/retention in arriving at its final decision regarding approval or disapproval of loan applications. The Applicant is urged to be as thorough and accurate as possible in arriving at employment estimates. Total Current and Projected: Employment, Annual Payroll and Production Shifts Employment Categories as follows: Professional, Clerical, Administration, Skilled, Semi-Skilled, Unskilled, Other, Total, The Annual Payroll, and Number of Shifts per Day
J. Tenant and Employment Information
Describe the provisions of a lease if applicable including the Tenant Company, and Type of User, Lease Type (Gross or Net), Dollar Amount per square foot, Amount of square feet leased, Term of Lease, The status of the Lease (intent or Pre-Leas agreement), Describe the assumptions used for employment projections. If this application pertains to the retention of existing jobs, please state the number of employees to be retained, and explain why these jobs would be eliminated or reduced if the loan is not provided. Please estimate the number of construction jobs to be created as a result of this project. and estimate the number of months construction workers will be employed.
K. Community Impact and Economic Feasibility Information
Describe the project’s overall impact on the surrounding community, e.g. increased traffic, generation of retails sales and real estate taxes to the community, environmental impact, employment opportunities, quality of life, etc. State why the project is necessary. Explain why Authority financing is necessary for this project to be successful (include supplemental materials, if any). a. For industrial projects, document the increased need for the products to be produced and describe marketing methods to be used in the distribution of the product(s). List major customers, competitors and suppliers. b. For commercial projects, provide a market analysis study for the project which includes information on comparative buildings or developments in the project area, describe your competition and market rents in the area, access to the site and a brief history on the leasing agent for the development, etc. What impact will this project have on the local office/retail markets?
L. Professional Representation for the Applicant
Please Provide the Name, Address, City, State, Zip, Contact Person, Telephone, and Fax for the following: General Counsel:, Bond Counsel:, Accountant:, Other Consultant:
M. Municipal Notification Information
The Authority is required to provide notice to the municipality or other unit of government that exercises planning and subdivision control over the project site for which it has been requested to issue bonds. Please furnish the name of the city or village clerk or other municipal official and accurate mailing address for foregoing municipality or other unit of government. Failure to complete this section accurately could result in delays in closing the bond issue, or in the inability of the Authority to issue the bonds. Please provide Name (City/Village Clerk or other official), Address, City State Zip, Phone
N. Personal Information
Please complete a separate sheet for each owner of more than 20%. the Name of Individual, Home Address, City State Zip, Social Security Number, Date of Birth, Name of Accountant, Name of Attorney, Name of Banker, Personal References. Please list companies, excluding not-for-profit and charitable organizations, of which you are currently an executive or managing officer or director. Please provide Company Name, Position. Please list companies in which you are currently a shareholder with a 5% or greater equity interest. Please provide Company Name Number of Shares, Percentage Ownership. Please list (most recent first) your previous employment or business ventures, position, start date, end date and reasons for leaving. Please disclose if applicable that Within the last five years if you have filed, or has there been filed against you, against any corporation of which you are or were an executive officer, director, or greater than 10% beneficial owner, or against any partnership of which you are or were a general partner, a petition under the federal bankruptcy laws or any state insolvency law. Whether you have been convicted in a criminal proceeding or are you a named subject of a pending criminal proceeding (excluding traffic or other minor violations). Whether you have been, or are you, a plaintiff or defendant in a civil or criminal proceeding. Excluding indebtedness secured by homes, autos, or other personal effects and excluding credit cards, whether you have or a member of your immediate family been indebted to the Company (or a subsidiary) in the last five years in an amount exceeding $50,000? If yes please give; Name of debtor and relationship to you; Amount of high debt; Current amount of debt; Rate of interest paid or charged in indebtedness: