Ill. Admin. Code tit. 14 § 610.25

Current through Register Vol. 48, No. 49, December 6, 2024

Section 610.25 - Application Documentation

The application must include documentation for the business associated with the proposed project as follows:

a) History of the Company - a brief history of the business and past employment.

b) Market Information - information on the company's products or services and identification of existing and potential major customers and competitors.

c) Projected Employment Information - the total number of jobs to be created or retained, including type of jobs, wages, and hiring schedule for job creation/retention.

d) Historic Financial Statement - historic financial statements for the past three years and interim statements dated no more than ninety days prior to application including:

1) Profit and Loss Statements;

2) Balance Sheets;

3) Cash Flow Statements; and

4) Disclosure of Contingent Liabilities.

e) Projected Financial Statements - projected three-year profit and loss statements and balance sheets and a one year monthly cash flow projection.

f) Company Management - listing of those individuals who are responsible for the management of the company, their positions and responsibilities, and resumes of key senior individuals at the company location.

g) Ownership - the company shall provide a detailed statement of ownership which shall include the percentage of ownership of all owners of the company. Such statements shall clearly identify any ownership interest which amounts to 20% or more, any ownership interest of individuals who have a position of control in the company, and/or any interest which is guaranteeing any financial or contractual activities of the company. For all such entities which meet any conditions of this subsection, a financial statement shall be provided.

h) The Department shall waive the requirements of subsections (a), (b), (d), (e), (f) and (g) when:

1) The company has provided a comprehensive business plan or company annual reports which address all of the requirements contained in Section 8-5(g) of the Act; and

2) The company is publicly owned and traded; and

3) The company's historic financial condition is deemed excellent, meeting industry standards in accordance with Section 610.30(b)(2).

Ill. Admin. Code tit. 14, § 610.25

Amended at 14 Ill. Reg. 19164, effective November 26, 1990