Section 51.12 - Content of Application to Secretary and Agency for Approval of Economic Development ProposalThe application for final approval of an Economic Development Proposal shall include
(1)The Economic Development Proposal. The content of the Economic Development Proposal submitted to the Secretary and the Agency for approval shall be the same as the Economic Development Proposal submitted to the Municipality, but if the Municipality's approval was conditioned on any changes to the Economic Development Proposal, the Economic Development Proposal submitted to the Secretary shall reflect these changes.(2) An opinion of counsel to the Municipality confirming that:(a) the Municipality approved the Economic Development Proposal in accordance with the requirements of St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, and 801 CMR 51.00; and(b) the Economic Development Project is permitted under the applicable zoning laws.(3) Certified copies of the votes of the Municipality approving the Economic Development Proposal in accordance with St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, and 801 CMR 51.00 and of the minutes of the public hearing required by St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, and the notice of the public hearing.(4) Evidence that the Developer owns each of the parcels of real property within the Economic Development District described in the Economic Development Proposal, or owns sufficient interests therein to carry out the Economic Development Project.(5) Any Commitments obtained by the Developer since the Developer's submission of the Preliminary Economic Development Proposal that were not previously submitted to the Secretary, together with a written statement as to whether any of the prospective tenants or purchasers making such Commitments are relocating jobs or commercial activity from elsewhere in the Commonwealth and whether any jobs being relocated from elsewhere in the Commonwealth to the Economic Development District would be relocated outside of the Commonwealth if the Economic Development Project were not carried out, including any compelling evidence supporting such an assertion that the Developer is able to provide. The final certifications of the Commissioner as to the estimated New Revenues and New State Tax Revenues pursuant to 801 CMR 51.13(2)(b), and the final approvals of the Secretary and the Agency of the Economic Development Proposal, shall be based only on New Revenues and New State Tax Revenues anticipated from all or any portion of each Project Component for which Commitments have been provided by the Developer.(6) Evidence that the Developer has sufficient equity and financing commitments to fund all of the Costs of the Economic Development Project, or all of the Costs of the phase of the Economic Development Project for which the Developer is seeking approval if it is a Phased Project, except any of such Costs expected to be funded by the Agency under St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, based on the Preliminary Approval Letter, which evidence shall be satisfactory to the Secretary. This shall include evidence of the commitment of the Developer's construction lender, on terms and conditions acceptable to the Secretary, to advance loan proceeds on the Developers behalf to pay for the costs of completing Public Infrastructure Improvements that are not being funded from proceeds of the Bonds, notwithstanding whether or not the construction lender's loan with the Developer is in default, or such other security or assurance as may be acceptable to the Secretary.(7) If the Municipal Liquidity Reserve for any Assessment Parcel is to be funded by the Municipality or by an equity contribution from the Developer or any other third party: (a) evidence that the amount required to be deposited in the Municipal Liquidity Reserve has been transferred into the Reserve; or(b) an enforceable commitment from the Developer or the third party to the Municipality to transfer this amount into the Reserve prior to the issuance of the Bonds by the Agency. If the Municipal Liquidity Reserve for any Assessment Parcel is to be funded by a surety bond, insurance policy, or other credit facility, the application shall include a written commitment from a provider of any such credit facility that is rated AA or higher by at least two nationally recognized rating agencies to provide such credit facility prior to the issuance of the Bonds by the Agency in the amount required by St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, and 801 CMR 51.00 and in form satisfactory to the Secretary providing for direct payment to the Commonwealth in the event of a failure by the Developer to pay all or any portion of an infrastructure assessment when due and payable or by the Municipality to pay all or any portion of a local infrastructure development assistance payment when due and payable. If the Municipality is paying the premium for any such credit facility, the municipal approval must clearly authorize the payment of the premium, and if the Developer or any other third party is paying the premium for any such credit facility, the Developer must provide an enforceable commitment from the Developer or such other third party to the Municipality to pay the premium. If the Economic Development Project is a Phased Project, the requirements of 801 CMR 51.12(7) shall only apply to the Municipal Liquidity Reserve for each Assessment Parcel that is a part of the phase of the Economic Development Project for which the Developer is seeking approval.(8) If all or a portion of the Economic Development Project is located in a Convention Center District and the Economic Development Proposal makes the financing of the Public Infrastructure Improvements dependent in whole or in part on New State Tax Revenues that will be deposited in the Convention Center Fund, an agreement among the Secretary, the Developer and the Massachusetts Convention Center Authority providing for the transfer of the required amounts of such New State Tax Revenues from the Convention Center Fund to the General Fund in accordance with St. 1997, c. 152, § 10(c)(vi).(9) If the Developer seeks a waiver or partial waiver of any requirements necessary for the Secretary's Approval of an Economic Development Proposal for the purpose of issuance of Bond Anticipation Notes, the Developer must submit evidence of a letter of credit or other security for the repayment of the Developers' obligations under the Infrastructure Development Assistance Agreement acceptable to the Secretary.