Kan. Admin. Regs. § 112-3-10

Current through Register Vol. 43, No. 49, December 5, 2024

Section 112-3-10 - Financing and development

Each application for an organization license or a facility owner license in which the applicant proposes to construct or own a racetrack facility shall contain the following information:

(a) The application shall state the names and addresses of every person or business organization that provides or will provide contractual services to the applicant for purposes of the licensed project, indicating the nature of such services rendered and the equipment or property provided or to be provided.

(b) The application shall include a copy of each contract and written agreement disclosed in subsection (a). If the agreement or understanding is an oral one, a statement explaining the substance of the oral agreement or understanding shall be attached to the application. For any contract, agreement or understanding referred to, the name and address of each party to the contract shall be stated. Any relationship of the parties through control, family or business association to the applicant, the partners, associates, officers, directors, or principal owners shall be stated.

(c) The application shall state a detailed project budget of any expenditure related to the completion or improvement of the proposed facility, including but not limited to:

(1) Architecture and engineering costs;

(2) land acquisition costs;

(3) site development costs, including:

(A) Survey;

(B) soil and site work;

(C) utilities;

(D) parking lot;

(E) transportation access; and

(F) track(s);

(4) facility construction cost, including:

(A) grandstand;

(B) security and fire equipment;

(C) stable or kennel, or both;

(D) test and detention paddock; and

(E) tote board;

(5) equipment acquisition cost;

(6) cost of interim financing;

(7) organization, administrative and legal expenses;

(8) projected permanent financing costs; and

(9) marketing costs.

(d) The application shall state the construction schedule proposed for completion or improvement of the facility, including an estimated date of project completion and the following informa-tion:

(1) A detailed description of the method or methods by which the construction project and components will be undertaken, including but not limited to general construction contract, force account, or fast tract method; and

(2) an estimated time schedule for construction or improvement, including the date the proposed project will be fully operational and the number of months after the license is granted that each of the following activities will be either commenced or completed:

(A) The acquisition of land;

(B) the solicitation of bids;

(C) the award of construction contracts;

(D) the construction commencement;

(E) the completion of construction;

(F) the occupancy of the new facility or space;

(G) the training of staff;

(H) the commission check and inspection of the facility for public and racing readiness; and

(I) the commencement of racing.

(e) The application shall state the source or sources of funding for the completion or improvement of the project proposed by the application. The following shall be identified and documented:

(1) Each source of equity contribution and the amount of the contribution;

(2) any present or conditional commitment received for each funding source;

(3) each source of debt contribution, and the amount of the contribution;

(4) any present or conditional commitment received for the financing; and

(5) a detailed financing timetable stating a date for the submission of an unqualfied commitment for financing to the commission.

(f) The application shall identify and describe sources of additional funds needed for cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or any other cause.

(g) The application shall include an index to and copies of all proposed acquisition documents and a certification by the applicant that the commission has been provided with a copy of all the documents.

(h) As a part of the application process, the applicant shall submit an index to and copies of all fully executed acquisition documents and a certification by the applicant that the commission has been provided with a copy of all the documents within seven days after acquisition is complete.

(i) This regulation shall take effect on and after October 1, 1988.

Kan. Admin. Regs. § 112-3-10

Authorized by K.S.A. 1987 Supp. 74-8804; implementing K.S.A. 1987 Supp. 74-8813, 74-8814 and 84-8815; effective, T-89-6, Jan. 21, 1988; effective Oct. 1, 1988.