Okla. Admin. Code § 200:20-5-3

Current through Vol. 42, No. 7, December 16, 2024

Section 200:20-5-3 - Standards and criteria for approval

(a)General standards and criteria. In the review and consideration of applications for financing the Authority may give consideration general and non-exclusive criteria for application approval, including, but not limited to the following:

(1)Compliance with laws and Declaration of Trust. The application and proposed project must be found to be in compliance with all applicable and relevant federal, state and local laws and regulation and with the Declaration of Trust, and applicant must possess all necessary and incidental legal rights and privileges necessary for project commencement and operation.

(2)Eligibility. The applicant and proposed project must be determined to be eligible for the assistance sought.

(3)Local need, support and priority. The project must be found to be needed in the area to be served and must be found to be sufficient, as proposed, to serve such needs. The Authority shall additionally consider the project's relative benefit and priority in relation to the needs of other proposed projects and applicants. The Authority shall also consider the extent and degree of local support, interest and commitment in and to the proposed project.

(4)Availability of other assistance. The Authority shall consider the feasibility and availability of alternative sources of revenue which could be obtained and utilized by applicant for project financing.

(5)Economic feasibility. The Authority shall consider the overall apparent economic viability and feasibility of the project as a whole including proposed revenues from the project and the adequacy and reliability of estimated revenues necessary for loan repayment when indicated.

(6)Project feasibility. The Authority shall consider from the engineering and architectural data submitted and otherwise available whether the proposed project appears to be feasible.

(7)Statewide needs and public interest. The Authority shall give consideration to the relationship between the proposed project and the overall needs within the State of Oklahoma as well as to whether the proposed project if constructed, will serve the public interest and welfare.

(8)Availability of funds. The Authority shall take into consideration the current and anticipated availability of the State Cap, when applicable, needed to provide the financial assistance requested.

(9)Previous business. Participation by the applicant, where applicable, in prior issues of the Authority.

(10)Other requests. The amount of financing requested by each applicant compared with the aggregate amount of financing requested by all applicants.

(11)Employment. Number of persons to be employed by the project.

(12)Tax impact. An estimate of the dollar amount of taxes that may accrue to the state and the local community as a result of the placement of the facility.

(13)Competition. The number of identical or similar facilities in the locale.

(14)Relocation. If relocation of any ongoing business concern is involved, the distance between the old and new facility and the advantages served thereby.

(15)Financial strength. Applicant's financial statements.

(b)Criteria applicability. The general criteria set forth in (a) of this Section is intended to constitute and shall constitute general guidelines and standards for application review and consideration by the Authority. Such criteria shall not be deemed appropriate for strict application and interpretation nor shall such criteria be deemed exclusive. In all instances, each individual application and project must be reviewed and considered on its own individual merits. The criteria and standards set forth in (a) of this Section shall, accordingly, be interpreted and applied so as to allow sufficient flexibility in the ultimate exercise of the Authority's judgment and discretion. No formal finding or decision by the Authority, written or oral, is required with respect to its consideration of the foregoing criteria.

(c)Medical clinics and doctors' offices. No medical clinics or doctors' offices shall be financed unless it is demonstrated by sufficient evidence that the subject community would be deprived of essential medical care without such financial incentives.

Okla. Admin. Code § 200:20-5-3