Section 8705-K - Waterfront development projects.(a) General rule.--To qualify for a tax credit, contributions made to a waterfront development organization must be used by the waterfront development organization for a waterfront development project approved under this section.(b)Submission.--After approval of a waterfront development organization's application under section 1704-K(c), the organization may submit, on a form and in a manner required by the department, waterfront development projects for approval by the department. The submission shall include for each waterfront development project: (1) The location of the waterfront development project.(2) The type of waterfront development project.(3) A detailed description of the waterfront development project, including architectural and engineering drawings. (4) The status of the waterfront development project.(5) The anticipated start date and completion date for the waterfront development project.(6) The life expectancy of the waterfront development project and a plan for maintenance following completion.(7) The estimated cost of the waterfront development project.(8) Analysis of the direct current and future economic benefits derived from the waterfront development project, including indirect and direct job creation projections.(9) The manner in which the waterfront development organization will do all of the following: (i) Verify eligibility of costs.(ii) Monitor progress of the waterfront development project.(iii) Assure that contributions received are used for the waterfront development project for which the contributions have been designated.(10) Any other information required by the department.(c) Review of applications.--The department, in conjunction with the Department of Conservation and Natural Resources, shall review applications received from waterfront development organizations under this section.(d)Notice of approval or disapproval.-- (1) Within 60 days after receipt of an application, the department shall notify the waterfront development organization of its approval or disapproval of a waterfront development project.(2) If the application is disapproved, the notice of disapproval shall include the reasons for disapproval.(3) A waterfront development organization may resubmit the application within 30 days after receipt of a notice of disapproval.(e) Publication.--The department shall annually publish a list of each waterfront development organization, its approved waterfront development projects under this section and the total aggregate cost of the waterfront development projects in the Pennsylvania Bulletin. The list shall be posted and updated as necessary on the publicly accessible Internet website of the department.(f) Completion.--Upon completion of a waterfront development project approved under subsection (b), the waterfront development organization shall submit written notice of project completion to the department. The notice shall include all of the following information: (1) Certification that the waterfront development project is complete.(2) An upkeep and maintenance plan, if applicable, to the waterfront development project.(3) Any other information required by the department.(g)Inspection.--Waterfront development projects approved under subsection (b) may be subject to inspection by the department or its designated agent.(h)Administrative fees.--No more than 5% of the contributions received under this article may be used for administrative fees.Added by P.L. TBD 2016 No. 84, § 33, eff. 7/13/2016.