Ala. Admin. Code r. 460-X-25-.10

Current through Register Vol. 43, No. 1, October 31, 2024

Section 460-X-25-.10 - [Effective 12/15/2024] Criteria Descriptions

The Committee shall rank the Qualifying Projects based on the established criteria for each Application Period. Projects shall be ranked in order by their total score.

(a) What is the relative value of the proposed project to the community? Relative value is a method of determining a Project's merit when considering the similar Projects in the area. How will this project maintain or improve the historic fabric of the community? Will buildings be rehabilitated that are underutilized or vacant? 0 to 10 points.

(b) What is the possible return on investment for the community? Does the Project address a specific community need? Will the Project lead to the development of public/ private partnerships? Will the Project create economic growth in distressed areas? 0 to 10 points.

(c) Is the Project located in a set-aside or non-set-aside county? Non-set aside counties include Baldwin, Jefferson, Madison, Mobile, Montgomery, Shelby, and Tuscaloosa. 0 to 10 points.

(d) What is the likelihood of the project proceeding without the state historic tax credit? 0 to 10 points.

(e) Has the project received support from the local municipality, county, legislative delegation or community stakeholders? 0 to 10 points.

(f) What is the leveraged investment ratio of the project, as determined by the total project investment divided by the amount of tax credits requested? Total project investment is all costs associated with the project from the beginning of the involvement by the applicant. This figure includes acquisition costs, holding costs, marketing, parking lots or structures, new construction, additions, landscaping, site work, furniture and fixtures, and other investments directly related to the project and to be undertaken by the applicant. Total Project Investment a Tax Credit Requested = Leveraged Investment Ratio? 0 to 15 points

(g) How many net new jobs will be created in Alabama because of this project? ? 0 to 15 points.

(h) Will this project receive any additional tax credits or state, federal, or local government grants for the construction of this project? 0 to 5 points.

(i) Explain the overall project financing for which the applicant has firm, secured commitments prior to submitting an application. 0 to 15 points.

Ala. Admin. Code r. 460-X-25-.10

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 11, August 31, 2017, eff. 9/24/2017.

Amended by Alabama Administrative Monthly Volume XL, Issue No. 03, December 30, 2021, eff. 2/13/2022.

Amended by Alabama Administrative Monthly Volume XLIII, Issue No. 01, October 31, 2024, eff. 12/15/2024.

Author: Chloe Mercer; Lee Anne Hewett; Clara Nobles

Statutory Authority: Act 2017-380; Act 2021-431; Act 2023-522.