(a) The process of evaluating an application for IDB financing, which shall include "due diligence" to examine the merits and risks of an application, requires considerable time and resources by all state agencies and officials involved. Likewise, before applying for IDB financing, the applicant should expect that the process will require considerable time and resources depending upon the complexity and nature of the project to be financed.
(b) Applicants seeking the State Treasurer's purchase of an IDB must submit the following comprehensive information which must be consistent with information included in applicant's application submitted to the Wyoming Business Council and the recommendation of the Wyoming Business Council: - (i) A detailed overview of the applicant business entity, including identification of all principal management and owners;
- (ii) A detailed description of the project to be financed, including all costs to be funded and a specific explanation of how the project satisfies the criteria set forth in W.S. 9-4-715(m);
- (iii) A business plan accurately describing the existing business and its history, future business endeavors, and all characteristics of the project to be funded through IDB financing. The business plan must address, but should not be limited to, the following components:
- (A) The total cost of the industrial development project and amount of financing sought;
- (B) The source of applicant's required contribution of no less than twenty-five percent (25%) of the total cost of the project to be financed through IDB financing. The source of applicant's contribution may not be borrowed or financed, and the applicant must have an interest in the project free and clear of debt;
- (C) Collateral offered to secure the IDB investment and evidence that the collateral is the property of the applicant and is unencumbered with any other financing or an indication that any such financing will be paid off with proceeds from the IDB;
- (D) Analysis demonstrating that securitization of the IDB financing shall comply with the requirement that a loan-to-value ratio shall not exceed seventy-five percent (75%) of the appraised value of the collateral;
- (F) Any other information reasonably necessary to inform the State's agencies and officials about the project to be financed, the nature of which may vary depending upon the type of business and facilities at issue.
- (iv) A comprehensive chart and detailed description identifying all business entities related to the applicant, whether by contract or through a corporate affiliation;
- (v) Financials for at least three (3) years, including tax returns;
- (vi) Existing short- and long-term financing for property associated with the project to be financed through an IDB investment;
- (vii) Existing appraisals on property associated with the project, as well as property offered as collateral, with the most current appraisals not being more than eighteen (18) months old;
- (viii) All real and personal property rights offered as collateral to secure the proposed IDB investment;
- (ix) Records concerning environmental health of facilities and underlying real property associated with proposed IDB-financed project, including without limitation, a Phase 1 environmental report for any real property which is a part of the collateral;
- (x) Notice and identification of any pending or anticipated litigations involving the anticipated project or property offered as collateral;
- (xi) A copy of the application submitted to the Wyoming Business Council, copies of all material provided in support of such application, and all other documents and information provided to the Wyoming Business Council;
- (xii) Any and all documents provided to the Governor's office in connection with its review of the IDB; and
- (xiii) Any relevant ongoing or new information that arises any time after applicant's submission of its application which may influence or bear upon the review of the proposed IDB, including without limitation, new or altered financing arrangements, statutory, regulatory or rule changes which may impact applicant's project or operations or the proposal thereof, or changes in ownership.
(c) Applicants must provide industry-specific information and documentation reasonably necessary to inform the State Treasurer's Office concerning the applicant's business activities within that industry. Such submissions should include regulatory information related to the project to be undertaken.
(d) To satisfy loan-to-value criteria set forth in W.S. W.S. 9-4-715(m)(iii)(C), it may be necessary to obtain appraisals and to otherwise assess the value of existing facilities, collateral, and other real or personal property. The applicant may be required to incur the cost of appraisals or other services necessary to establish valuations.
(e) In addition to information described herein, the State Treasurer may ask for additional information necessary for the State Treasurer's Office to conduct its due diligence and review of the IDB. Applicants shall respond to such requests in a timely manner with complete and current information. An applicant's failure to provide complete and current information in a timely manner shall be grounds for denial of an application.
(f) Any documents, materials or information provided to the State Treasurer's Office in connection with its review of the IDB may be shared by the State Treasurer's Office with any other State agency, including without limitation, the Governor's Office and the Wyoming Business Council.