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§ 3404. Application

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 30, 2004

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part III. Economic Development Programs
Chapter 34. Infrastructure and Facilities Improvement Program
Effective: November 30, 2004
12 Pa.C.S.A. § 3404
§ 3404. Application
Currentness
An issuing authority may submit an application to the department requesting financial assistance for a project. The application must be on a form required by the department and must include all of the following:
(1) The name and address of the applicant.
(2) The name, address and state tax identification numbers of the project user.
(3) A description of the project. The description shall include all of the following:
(i) A detailed narrative describing the project and the project user.
(ii) A detailed statement of the cost of the project. The statement must include the amount and type of debt to be issued by the applicant for the project, the identity of the party responsible for repayment of the debt and the collateral or security to be provided.
(iii) A statement of the number of net new full-time jobs to be created by the project and the number of existing full-time jobs to be preserved by the project.
(4) A statement of the amount of grant funds being requested per year.
(5) A statement of the number of years a grant is being requested. If the applicant is requesting a grant for a project of a project user that is an industrial enterprise, a retail enterprise, a research and development enterprise or a manufacturer, the request may not exceed ten years. If the applicant is requesting a grant for a project of a project user that is a hospital, convention center or hotel establishment, the request may not exceed 20 years.
(6) Financial information from the project user prepared or reported on by an independent certified public accountant projecting for the next three years all of the following:
(i) The sales or expected sales tax collected or to be collected by the project user from activities as a result of the project.
(ii) The expected hotel occupancy tax to be collected by the project user from activities as a result of the project.
(iii) The expected net increase in personal income tax withheld by the project user as an employer pursuant to Article III of the act of March 4, 1971 (P.L. 6, No. 2),1 known as the Tax Reform Code of 1971, from activities as a result of the project.
(7) Evidence of a firm commitment from the project user to use the project upon completion.
(8) Deleted by 2004, Nov. 30, P.L. 1708, No. 218, § 2, imd. effective.
(9) Any other information required by the department.

Credits

2004, April 1, P.L. 200, No. 23, § 1, effective July 1, 2004. Amended 2004, Nov. 30, P.L. 1708, No. 218, § 2, imd. effective.

Footnotes

1
72 P.S. § 7301 et seq.
12 Pa.C.S.A. § 3404, PA ST 12 Pa.C.S.A. § 3404
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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