Ala. Admin. Code r. 891-X-2-.01

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Current through Register Vol. 43, No. 02, November 27, 2024

Section 891-X-2-.01 - [Effective 1/11/2025] Application

Application for

Sweet Home Alabama Tourism Investment Act Tax Rebate

_______________

Date of Application

1.Project Type (select one - Details provided in Guidelines):

___ Certified Tourism Destination Project eligible for tax rebate

___ Certified Tourism Attraction eligible for tax rebate

___ Please provide short description of project:

_________________________________________________________

2.Developer Information:

Corporate Name/Business Name:

_________________________________________________________

Federal Employee Identification Number:

_______________________________

Mailing Address:

_________________________________________________________

Contact Person (Name / Telephone / Fax / Email):

_____________________ / __________ / _________ /

_________________________________

Project Address:

_________________________________________________________

County: __________________

_________Is this a Jumpstart County? Yes___ No___ Unknown___

___

3.Business Entity Structure (pick one):

Corporation Subchapter S

Subchapter C

Partnership

Proprietorship

_________________________

_____________Limited Liability Partnership

Limited Liability Company Other (Explain:_____________)

Date Business Established: ______________

__________________Company's Fiscal Year: ____________

State of Corporation: __________________

__________________Date Incorporated: _______________

Registered Agent Name / Address:

_________________________________________________________

4.Does the Developer anticipate applying for any other incentives for this project?

_______Yes No_______

If yes, please indicate program, agency, amount, and approximate date:

_________________________________________________________

5.Company Ownership:

*Please identify ALL owners of the company. For subsidiaries, identify owners of the parent company: for a public company, indicate publicly traded. Attach separate sheet if needed.

NAME	ADDRESS	PHONE NUMBER	SOCIAL SECURITY NUMBER	PERCENT OWNED

6.If any of the parties listed in #5 have ever been convicted of any criminal offenses, been in receivership or adjudicated a bankruptcy, been denied a business-related license or had it suspended or revoked by any administrative, governmental, or regulatory agency, please list each occurrence, the party related to the occurrence, and the circumstances of the occurrence:

_________________________________________________________

7.Person to Review Legal Documents (Contact Name / Position / Mailing Address / Email)

_________________________________________________________

8.Projected Financial Information:

Estimated Approved Costs

Approved Costs	Estimated Investment
Land Acquisition	$
Construction	$
Engineering	$
Design	$
Costs of Contract Bonds and Insurances	$
Installation of Utilities paid by Applicant	$
Other (explain)____________________________	$
Total Cost	$

________________________Maximum Total Tax Rebate Requested $_________________________

_______________________________

Total Capital Investment for Project:

_________________________ $35 million or greater

_________________________ $50 million or greater

_________________________ $75 million or greater

____

9.Proposed Tourism Attraction Financing:

Source	Amount
Bank Loan	$
Bond Issue	$
Other (explain: ___________________________)	$
Equity	$
Total Sources of Funds	$

Project Start Date: _____________________

Anticipated Project Completion Date: ________________________

10.

1.Employment Projections:

	Full-Time	Part-Time
New Jobs Created 2 Years After Completion

11.Provide projected attendance figures for first five years of tourism project after opening for business:

Year	In-State Visitors	Out-of-State Visitors	Total Visitors	Percentage Out-of-State

12.Once open for business, how often will the attraction be open to the public?

Year-Round_______________ Seasonal Scheduled Events Only

If not year-round, how many days per year will the project be open to the public? _______________

____

13.Please provide annual estimates for the first ten years of operation of the project:

Employment Estimates
YEAR	Number of New Hires	Estimated Annual Payroll

14.Please explain method used to estimate responses to questions 11 and 13.

_________________________________________________________

Certification of Application

I, the undersigned on behalf of the applicant, hereby represent and certify that the foregoing application information, including all attachments, to the best of my knowledge, is (a) true, complete and accurate with respect to the information concerning the tourism project for which financial incentives are being sought and (b) does not contain any information for which an entity competing with the applicant may claim a proprietary interest.

__________________________

Signature

__________________________

Print Name

__________________________

Title

__________________________

Date

______________________

Application Submission and Required Attachments

Three (3) copies of the application and all attachments should be mailed to:

Alabama Tourism Department

Attn: Grant Wallace

PO Box 4927

Montgomery, AL 36103

Email: grant.wallace@tourism.alabama.gov

Please note that the following attachments are required with each application:

1. Business Plan:

Include a business history, as well as a thorough description, location, and timetable for the project.

2. A current Form W-9

3. A summary of the anticipated project costs, along with supporting documentation to support the cost estimates.

4. Supporting information for financing project, including financing terms and method used.

5. An independent study that identifies the projected number of out-of-state visitors and provides the ratio of in-state to out-of-state visitors anticipated.

6. Business Financial Information, including:

a. Last three years' financial statements.

b. Last three years' tax returns unless audited financial statements are provided.

c. Interim financial statement completed within the past 90 days.

d. Projections (quarterly income statement, balance sheet, capital expenditures, and cash flow for three years, along with any relevant assumption or notes) for proposed new project.

7. Provide a detailed description of Marketing Plan, including:

a. Proposed advertising budget for the first five years and the percent that will be in-state and out-of-state advertising.

b. The types of media to be used and their percentages based on annual averages expenses.

c. Primary markets from which the tourism project will draw customers.

8. Estimate the amount of revenue subject to Alabama sales tax for the first ten years upon completion of the tourism project.

9. Estimate amount of revenue from project subject to Alabama tax based on the following categories: admission, food & merchandise, and lodging.

10. Provide a copy of the resolution of the local governmental unit showing support for the tourism project and acknowledging that tax collected from the facility will be diverted to an incentive fund for a period of up to ten years. The municipality or taxing district issuing the resolution must specify the percentage of municipal taxes committed to the project. Non-state administered localities must outline in their resolution the mechanism by which they intend to disburse the rebates within their jurisdiction to the approved company for those local transactional taxes not administered by the department. Within 30 days of receiving approval for the project from the Tourism Department, the approved company must submit a copy of the local resolution to the Department of Revenue.

** Please note that incomplete applications will not be accepted nor returned to applicant

Ala. Admin. Code r. 891-X-2-.01

Adopted by Alabama Administrative Monthly Volume XLIII, Issue No. 02, November 27, 2024, eff. 1/11/2025.

Author: Alabama Tourism Department

Statutory Authority: Code of Alabama Section 40-18-470 through -475