Kan. Admin. Regs. § 112-17-7

Current through Register Vol. 43, No. 46, November 14, 2024

Section 112-17-7 - Development process, fair association and horsemen's nonprofit organization applicant

Each application for a fair association or horsemen's nonprofit organization license in which the applicant proposes to construct or to improve an existing racetrack facility shall contain the following information concerning the applicant's development process:

(a) the total costs of construction of the facility, distinguishing between fixed costs and projections;

(b) a separate identification of the following costs, distinguishing between fixed costs and pro-jections:

(1) facility design;

(2) land acquisition;

(3) site preparation;

(4) improvements and equipment, separately identifying the costs of the items listed in subparagraphs (e) through (n) of K.A.R. 112-17-3 and other categories of improvements and equipment;

(5) interim financing;

(6) permanent financing; and

(7) organization, administrative, accounting and legal services.

(c) documentation of fixed costs;

(d) the schedule for construction of the facility including the estimated completion date;

(e) schematic drawings;

(f) copies of any contracts with and performance bonds from the:

(1) architect or other design professional;

(2) project engineer;

(3) construction engineer;

(4) contractor and subcontractor; and

(5) equipment procurement personnel; and

(g) a statement whether the site is owned or leased. If so, the applicant shall provide the documentation for the acquisition. If not, the applicant shall disclose what actions it must take to secure use of the site;

(h) a description of equity and debt sources of financing, including:

(1) with respect to each source of equity contribution, an identification of the source, amount, form, method of payment, nature and amount of present commitment, documentation and actions which the applicant will take to obtain more certain commitments and commitments for additional amounts; and

(2) with respect to each source of debt contribution, an identification of the source, amount, form, method of payment, nature and amount of present commitment, documentation and actions which the applicant will take to obtain more certain commitments and commitments for additional amounts; and

(i) an identification and description of the sources of additional funds, if needed, due to cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or any other cause.

Kan. Admin. Regs. § 112-17-7

Authorized by K.S.A. 1993 Supp. 74-8804, as amended by L. 1994, Ch. 146, Sec. 3, and K.S.A. 74-8814, as amended by L. 1994, Ch. 146, Sec. 6; implementing K.S.A. 1993 Supp. 74-8804, as amended by L. 1994, Ch. 146, Sec. 3, and K.S.A. 74-8813, as amended by L. 1994, Ch. 146, Sec. 5, and K.S.A. 74-8814, as amended by L. 1994, Ch. 146, Sec. 6; effective Nov. 30, 1992; amended July 10, 1995.