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Form #1400

WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE

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WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE

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West Virginia.

WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY APPLICATION FOR FINANCIAL ASSISTANCE

Date _________

A. Borrower:

Name .............................................................................................................................................................................................

Address .........................................................................................................................................................................................

County _________ Telephone _________ Contact Person _________

Address of Principal Corporate Offices, if different from above:

_______________ _______________

Authorized Representative of Applicant:

Name .............................................................................................................................................................................................

Title _________ Telephone _________

B. Local Development Authority (all applications must be sponsored by a LDA):

Name .............................................................................................................................................................................................

Address .........................................................................................................................................................................................

Telephone _________ Contact Person _________

C. Type of Financing Being Requested:

_______________ WVEDA Direct Loan

_______________ SBA 504

D. Applicant is (or will be if not yet in existence):

1).

_________ Corporation

_________ Joint Venture

_________ Limited Partnership

_________ Sole Proprietor

_________ General Partnership

_________ Individual

 

2). Incorporated in or formed in the state of:

_______________

E. Applicant's Federal Tax I.D. Number: ........................................................................................................................................

Worker's Compensation Number: ...........................................................................................................................................

F. Applicant's Legal Counsel:

Name .............................................................................................................................................................................................

Firm ...............................................................................................................................................................................................

Address .........................................................................................................................................................................................

G. Primary Bank Relationship:

Bank Name ...................................................................................................................................................................................

Contact Person ............................................................................................................................................................................

Address .........................................................................................................................................................................................

Telephone .....................................................................................................................................................................................

H.

Estimated Uses of Funds:

Estimated

(complete as applicable)

Cost

 

1. Acquisition of land, excluding existing improvements

$.......................................................................................................

2. Acquisition of building or other improvements

.........................................................................................................  

3. Site preparation, utilities roads, etc.

.........................................................................................................  

4. Construction

.........................................................................................................  

5. Renovation

.........................................................................................................  

6. Machinery and/or equipment

.........................................................................................................  

TOTAL ELIGIBLE COSTS

$.......................................................................................................

 

I.

Other Estimated "Soft" Costs:

 

(complete as applicable)

 

 

1. Bonds and insurance

$.......................................................................................................

2. Interest during construction

.........................................................................................................  

3. Architectural and engineering fees

.........................................................................................................  

4. Legal fees

.........................................................................................................  

5. Accounting fees

.........................................................................................................  

6. Commitment fee or points

.........................................................................................................  

7. Appraisals

.........................................................................................................  

8. Miscellaneous

.........................................................................................................  

TOTAL OTHERS COSTS

$.......................................................................................................

 

J. Subsidiaries or Affiliates of Applicant:

Name .............................................................................................................................................................................................

Address .........................................................................................................................................................................................

Name .............................................................................................................................................................................................

Address .........................................................................................................................................................................................

K. List all other locations in West Virginia where the Applicant operates:

_______________

_______________

L. Type of Project:

_________ New business with creation of new jobs

_________ Expansion of existing business with creation of new jobs

Modernization and retention of existing business with intention of

_________ preserving jobs

_________ Other: .........................................................................................................................................................................

M. Breakdown of Total Project Financing:

 

Dollar

Sources of Debt:

Amount

WVEDA

$..................................................................................

...............................................................................................................................  

....................................................................................  

...............................................................................................................................  

....................................................................................  

...............................................................................................................................  

....................................................................................  

TOTAL

$..................................................................................

Sources of Equity:

 

Applicant

....................................................................................  

...............................................................................................................................  

....................................................................................  

...............................................................................................................................  

....................................................................................  

TOTAL

$..................................................................................

Other Sources of Financing:

 

Applicant

....................................................................................  

...............................................................................................................................  

....................................................................................  

TOTAL

$..................................................................................

GRAND TOTAL

$_____ (Should agree with total eligible costs from Part H.)

 

N. Financing:

 

Company Equity

Financial Institution Participation

Other

WVEDA Request

 

Name .........................................................................................................................................................................................................  

Amount .....................................................................................................................................................................................................  

Rate ...........................................................................................................................................................................................................  

Term ..........................................................................................................................................................................................................  

Collateral .................................................................................................................................................................................................  

Value .........................................................................................................................................................................................................  

 

O. Commitments: Please attach copies of commitments (including commitments for interim financing, if applicable) for the Projects which have already been obtained from private sector lenders or investors. Please include contact name, address and telephone number. If no commitment has been attached, please explain.

_______________

_______________

_______________

P. Impact on the Community:

Fiscal Year Date:

Current

After 1 Yr.

After 2 Yrs.

After 3 Yrs.

 

Annual Sales

Annual Payroll

Number of Employees

Salary/Wage Range

 

SUPPORTING SCHEDULES OFFICERS, STOCKHOLDERS & KEY PERSONNEL

Include management, officers and stockholders owning 10% or more of company's stock. Publicly held companies may substitute copy of annual report or 10K.

Name

Title or Position

Yrs. Emplyd.

Age

Education

Annual Salary

Other Comp.

% Ownership

 

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

 

PRINCIPAL CUSTOMERS

Name

City, State

Products

Annual Purchases ($)

Percent of Total Sales

 

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

 

PRINCIPAL SUPPLIERS

Name

Address

Products Purchased

Annual Amt. Purchased

% of Totals Purchases

 

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

 

PRINCIPAL COMPETITORS

Name

City/State

Product Lines

Estimated Annual Sales

 

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

....................................................................................................................................................................................................................  

 

Signature of Authorized Company

Representative Verifying Accuracy

of Information:

_______________

Signature

_______________

Date

SPONSOR/LOCAL DEVELOPMENT AUTHORITY

_______________

Signature

_______________

Date

PLEASE PROVIDE THE FOLLOWING ATTACHMENTS:

1. Description of Project: Attach a narrative description of the project including size, type of construction, equipment to be purchased, etc.

2. History of Company: Attach a comprehensive description of company including history, affiliates and subsidiaries, products, distribution, competitors, location of other facilities. Outline background of officers (Complete Supporting Schedule 1).

3. Unionization: Identify unions representing employees and give history or relationship. Describe any strike within the preceding five years. Indicate length, terms and expiration of contract.

4. Agreements: Attach copies of options, leases, deeds and all other appropriate agreements pertaining to project. If agreements have not been prepared, include a general description of the proposed agreements. Include copies of the commitment letters from the primary lender. Include a copy of the Inducement Resolution if financing includes Industrial Revenue Bonds.

5. Please attach resume(s) or qualification summary of individual(s) that will manage the project operation.

6. Personal Financial Statements: Please attach personal financial statements of major stockholders, if a privately held company, with specific notation of contingent liabilities (guarantees or endorsements). Statements must be signed and dated by stockholders.

7. Company Financial Statements: Three (3) years financial statements including all footnotes (audited preferred). All statements should conform. If fiscal year end is more than six months from present date, please include interim statements.

If project includes the acquisition of an existing company, also supply all the above financial information for the company to be acquired.

8. Projections: Please attach projections for three (3) years including: balance sheets; profit & loss statements; monthly cash flow, showing detailed sources of income, disbursements and all debt payments; amount and sources of additional working capital required for expansion (i.e. revolving line of credit, trade creditors, etc).

9. Banking Relationship: List present banking relationships. Include name of financial institution and type of relationship (i.e. checking, savings, loans). List current loan, savings or checking account balances. Indicate type of loan (i.e. short term, long term, mortgages, revolving credit agreement, inventory or accounts receivable financing, etc.), monthly payments and whether loan is unsecured or collateralized.

Please identify any outstanding tax-exempt financing issued for the benefit of the applicant, the occupant, or any entity related to the applicant or occupant, in the same political subdivision where the proposed project will be located.

Publicly held companies may submit a copy of their annual report or 10-K in lieu of the above requested information.

10. Additional Information:

A. Real Estate—If the project involves real estate purchases, construction or renovation please provide the following applicable information (note: real estate construction/renovation loans will be approved on a "permanent take out" basis):

(1). Legal description of site and engineering survey showing metes and bounds and location of building.

(2). Engineering specifications and drawings of building.

(3). Number of acres and square feet of facility at project site.

(4). Present owner of the site.

(5). Unusual topographical features (if any).

(6). Present zoning classification.

(7). Market appraisal of finished project (selling price on open market when completed).

(8). Firm bid for construction.

(9). Name of independent engineer who will certify completed project.

B. Equipment—If project involves the purchase of equipment, please provide the following information (note: equipment purchases will be funded upon once project is completed).

(1). Complete list and description of equipment to be purchased.

(2). Written, firm price quotes with expiration date of commitment.

(3). Commitment for interim financing, if needed.

(4). Appraisal on real estate to be used as additional collateral, as per statute.

SUPPORTING SCHEDULE 2—CERTIFICATIONS BY COMPANY

Please answer the following questions by checking the appropriate space. If the answer to any of the questions is "yes", please submit additional information on a separate exhibit or attachment.

Referring to company, principal, officer or stockholders:

1.

Yes ___

No ___

Are you presently under indictment, on parole or probation? (If yes, furnish details in a separate exhibit. List name(s) under which held, if applicable.)

2.

Yes ___

No ___

Have you ever been charged with or arrested for any criminal offense other than a minor motor vehicle violation? (If yes, furnish details in a separate exhibit. List name(s) under which charged, if applicable.)

3.

Yes ___

No ___

Have you ever been convicted of any criminal offense other than a minor motor vehicle violation?

4.

Yes ___

No ___

Have you ever been involved in bankruptcy or insolvency proceedings?

5.

Yes ___

No ___

Are there any outstanding judgments or is there any litigation pending against the applicant, project occupant, principal, officers or principal shareholder? If yes, describe.

6.

Yes ___

No ___

Has an option agreement or a contract to purchase the real estate been executed? (If yes, please submit a copy of the executed agreement or contract).

7.

Yes ___

No ___

Is there a relationship, legally or by common control, between the applicant or proposed project occupant and the seller of property? Identify the seller of the property.

8.

Yes ___

No ___

Will the proposed project result in the consolidation of other company operations within the State?

 

Noncommencement Statement:

The undersigned duly authorized officers hereby certify that the project as outlined in the foregoing application has not commenced and will not commence prior to the approval of the application by the West Virginia Economic Development Authority Board.

Compliance With All Applicable Laws & Regulations:

The undersigned duly authorized officers hereby certify that the company is in compliance with all applicable federal, state and local laws and regulations; and does not appear on EPA's List of Violating Facilities.

Tax Review:

The undersigned duly authorized officers hereby authorize the State Tax Commissioner to review records relating to the tax returns of the undersigned to the State of West Virginia or any of its political subdivisions, together with any particulars found thereon or matters related thereto, and report to the West Virginia Economic Development Authority on his findings to the extent necessary to enable the Authority to consider the financial condition of the undersigned, and in particular, its past and prospective relationship to West Virginia's taxing.

Corporate Resolution:

The undersigned duly authorized officers hereby certify that the filing of this application was duly authorized by its Board of Directors (or governing body), that the statements made in the foregoing application and in all exhibits and documents submitted in connection therewith are true and correct to the best information and belief of the undersigned and are submitted as a basis of the loan.

NAME OF COMPANY

_______________

By _________, President

Date _________

Attest _________, Secretary

 

 

State of _________,

County of _________, to wit,

The foregoing instrument was acknowledged before me this _________ day of _________, 19__, by _________, on behalf of said corporation.

_______________

Notary Public

_______________

Date

Notary Seal

or Stamp

Number of FTE Employees for the West Virginia Project after

 

 

CATEGORY

CURRENT

1 YR.

2 YR.

3 YR.

SALARY/WAGE RANGE

HEALTH BENEFITS Y or N

 

Professional

 

 

 

 

 

 

Clerical & Admin.

 

 

 

 

 

 

Skilled

 

 

 

 

 

 

Semi-Skilled

 

 

 

 

 

 

Unskilled

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Contributed by
AAA, LLC
 
Total Forms Contributed 69
 

See All AAA, LLC's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: WEST,VIRGINIA,ECONOMIC,DEVELOPMENT,AUTHORITY APPLICATION,FINANCIAL,ASSISTANCE

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