Section 0500-02-01-.12 - PROCEDURE OF COMMITTEE IN REVIEWING APPLICATION AND ISSUING CERTIFICATE(1) Applications for Certificate of Public Purpose and Necessity (12 copies) must be received by the Building Finance Committee at least fifteen (15) days prior to the date on which the application is to be considered.(2) A copy of the application for Certificate of Public Purpose and Necessity will be submitted to the Attorney General and the Comptroller of the Treasury for analysis prior to the Committee meeting. The Industrial Site Engineer in the Department of Economic and Community Development shall review the project application and shall visit and inspect the proposed site prior to the Committee meeting wherein the application shall be heard and shall report his findings with respect to said project to the Committee prior to or at said meeting in writing or in person.(4) At each hearing the Chairman of the Committee shall read or explain Section 13-16-207 of the Industrial Park Act of 1959, and the Rules and Regulations which the Committee has adopted, to representatives of the municipality.(5) The Comptroller of the Treasury or a member of his staff selected by him will be invited to attend each meeting as an advisor to the Committee.(6) The Committee will review all evidence and documents presented and on the basis of these facts, and before a Certificate is issued, must favorably find that the industrial park or site project:(a) is well conceived and has a reasonable prospect of success,(b) that there is good probability that the project will be self-sustaining from the sale and lease of land and fees and charges for services,(c) will provide proper economic development of the municipality and will encourage industry to locate there.,(d) will not likely become a burden upon the taxpayers, and(e) that there are adequate property values and suitable financial conditions, so that the total bond indebtedness of the municipality, solely for the purpose authorized by this Chapter and by Sections 7-55-101 through 7-55-116, shall not exceed ten percent (10%) of the total assessed valuation of all property in the municipality ascertained by the last completed assessment at the time of the issuance of such bonds.(7) Before a Certificate is issued, the Committee must fix and determine:(a) the extent and amount to which a municipality may issue bonds or make expenditures for such industrial park,(b) what property may be acquired therefore,(c) terms upon which such acquisition may be had,(d) what expenditures may be made and for what purposes, and(e) method of sale or lease of the property by said municipality.(8) The Committee may reject any application completely or may return same to the municipality with suggestions as to the changes required.(9) Copies of minutes of each meeting and each Certificate issued shall be mailed to all members of the Committee, whether present or not, as soon as possible after each meeting.Tenn. Comp. R. & Regs. 0500-02-01-.12
Original Rule filed November 8, 1977, effective December 8, 1977.Authority: TCA Section §§ 13-16-207.