Ill. Admin. Code tit. 14 § 600.60

Current through Register Vol. 48, No. 43, October 25, 2024

Section 600.60 - Allowable Leverage

In addition to the forms of leverage defined in Section 9-5(a) of the Act, allowable leverage will include:

a) Under-utilized land and/or buildings which are a part of the project when the appraised value qualifies them as under-utilized.

b) A cash outlay by the principals resulting in them becoming stockholders.

c) Funds expended by the business prior to the date of a loan or grant award; existing in-state equipment, land, buildings, furnishings, inventory (already owned and being utilized); lines of credit; post-project costs (such as operational expenses); and debt refinancing will not be considered as leverage.

Ill. Admin. Code tit. 14, § 600.60