004-2 Wyo. Code R. § 2-5

Current through April 27, 2019

Section 2-5 - Determination of Eligibility

(a) Other requirements. In addition to compliance with these rules, projects shall not be eligible for IDB financing unless they satisfy the criteria set forth in W.S. 9-4-715(m)(ii)(A) and any guidelines established by the Wyoming Business Council pursuant to subsection (m)(ii)(B).

(b) Eligible projects and expenses. Eligible projects must generally consist of an applicant's prospectively planned, well-defined business endeavor, and the project shall have a set beginning and completion date. IDBs shall not fund past business or construction expenditures. Expenses eligible for reimbursement following execution of an IDB shall relate back no earlier than the application date. IDB financing shall not primarily serve as a refinance mechanism or otherwise serve to substitute the IDB for an applicant's current lenders. Furthermore, IDB proceeds may not be used for working capital, but only to finance the cost of acquisition of land or rights-of-way and the purchase, construction, and installation of buildings, appurtenant personal property and equipment related to the industrial development project.

(c) Examples of eligible projects. The following economic development projects, to the extent they satisfy the criteria set forth in W.S. W.S. 9-4-715(m) and these rules, may be eligible for IDB financing:

(i) Manufacturing, fabrication or other industrial production facilities;

(ii) Agricultural development or food processing;

(iii) Development of, or improved utilization of, natural resources;

(iv) Research and development projects that will add economic value to goods, services or resources within or outside the state;

(v) Destination facilities, other than retail or food service businesses;

(vi) Product distribution facilities;

(vii) Transportation or freight facilities;

(viii) Scientific testing including, but not limited to, medical, clinical or engineering testing services;

(ix) Utilities;

(x) Facilities associated with the management of waste; and

(xi) Other activities that represent a new technology or type of economic enterprise.

(d) Public purpose. The State Treasurer will favorably consider the purchase of IDBs for projects that further a public purpose. These public purposes include among others: economic diversification, creation of new jobs, construction occurring before it otherwise would, economic activity during economic slumps, tax dollars remaining in the state, and increased productivity. The applicant is encouraged to demonstrate as many public purposes for the proposed project as can reasonably be anticipated.

(e) Diversification. In determining whether to purchase an IDB, the State Treasurer will consider whether applications for IDB financing increase or decrease the diversification of investments generally and specifically for the IDB program.

(f) Non-disclosed litigation or threats of litigation. An application for IDB financing shall be ineligible if pending litigation or threats of litigation are not disclosed with the application or timely disclosed thereafter.

(g) Six month deadline. An application shall become ineligible if the applicant is unable to close on all IDB documents with the State Treasurer within the six (6) month closing deadline set forth in Section 3(c)(vi), and if the applicant is unable to obtain a written extension from the State Treasurer. If the IDB fails to close, the applicant shall remain responsible for all costs incurred in the due diligence process including, without limitation, the costs of the Wyoming Business Council and any counsel, appraisers and accountants hired in connection with the State Treasurer's review of the IDB.

004-2 Wyo. Code R. § 2-5