Ill. Admin. Code tit. 14 § 600.25

Current through Register Vol. 48, No. 52, December 27, 2024

Section 600.25 - Application Documentation

The application must include documentation of the following:

a) History of the Company - a brief history of the business and past employment growth.

b) Market Information - information on the company's products or services and identification of existing and potential major customers and competitors.

c) Corporate Financial Statements - historical corporate financial statements for the past three years and interim statements dated no more than ninety days prior to application including:

1) Profit and Loss Statements;

2) Balance Sheets;

3) Cash Flow Statements; and

4) Disclosure of Contingent Liabilities.

d) Three Year Projections - three year projections of the Profit and Loss Statement and Balance Sheet and a one year Monthly Cash Flow Projection.

e) Site Map - an outline of the general location of the project on a site map, reflecting the location of any floodplain areas.

f) Land and Building Information (if applicable) - for land and/or building acquisition, an MAI appraisal and a copy of the purchase option or agreement; for building construction or renovation, a contractor or architect's cost estimates.

g) Description of Machinery and Equipment (if applicable) - identification of major equipment or classes of equipment to be acquired with the Department's program funds; for acquisition of new machinery and equipment, attachment of reliable vendor cost estimates; for moving and installation costs, attachment of written estimates; for used machinery and equipment acquisition, an appraisal demonstrating that the fair market value is in line with the purchase price.

h) Description of Working Capital (if applicable) - a detailed explanation of the need for an use of the funds.

i) Company Management - a listing of those people that are responsible for the management of the company, their positions, and percentages of ownership.

j) Personal Resume(s) - a resume for senior staff at the proposed project site.

k) Personal Financial Statement - a personal financial statement(s) for each principal owning more than 20 percent of the company.

l) Letters of Commitment - commitment letters documenting all sources of leveraging; loans from financial institutions must have language indicating the loan amount, the specified term and interest, collateral, conditions attendant to the loan, and the fact that the loan is approved; any commitment to purchase a revenue bond must have an executed inducement resolution and the rates, terms, and conditions of approval by the buyer.

Ill. Admin. Code tit. 14, § 600.25