Mich. Admin. Code R. 259.804

Current through Vol. 24-21, December 1, 2024

Section R. 259.804 - Commission studies and approval

Rule 4.

(1) The aeronautics commission staff shall conduct a feasibility study of the proposed project upon receipt of the sponsor's application. In conducting its study, the commission shall consider the following factors:

(a) Projected future growth in the airport service area.

(b) Engineering design of the project.

(c) Total cost of the project.

(d) Financial ability of the sponsor to carry out the project.

(e) Term of the loan.

(2) The commission staff shall advise the sponsor promptly of the results of the feasibility study.

(3) If the project is accepted, the commission staff shall issue a conditional commitment, subject to the approval of the commission. Commission approval shall not be withheld unreasonably.

(4) The commission staff shall forward the following items to the sponsor upon approval of an application by the commission:

(a) Model resolution.

(b) Grant agreement.

(c) Loan amortization schedule.

Mich. Admin. Code R. 259.804

1979 AC; 1982 AACS