Okla. Admin. Code § 150:75-1-3

Current through Vol. 42, No. 7, December 16, 2024

Section 150:75-1-3 - Application contents

(a) Any company or association seeking to be a sponsor of an incubator and to obtain certification thereof shall submit an application to the Department on such form(s) as the Department may prescribe.

(b) The application shall require submission of the following information:

(1) Incubator Organization - This section shall include the complete and official name of the organization seeking incubator sponsorship; legal structure of the organization; location of proposed incubator site; mission statement and objectives of the organization; long-term objectives of the incubator; affiliations with other organizations; proposed incubator service area (including a map); and

(2) Management Team - This section shall include a summary of management team training, experience, and skills list of the members of the organization's Board of Directors; and a list of incubator staff positions with a resume for each staff person with areas of discipline indicated for each (i.e., management, finance, marketing, etc.); and

(3) Marketing Plan - This section shall include an overall marketing strategy for the incubator expected occupancy rate; market/service area to be covered; and

(4) Facilities and Operations - This section shall include information regarding ownership of the building, description of the facility, including square footage, layout and design, furnishings, equipment available to tenants, conference room, tenant, visitor, and employee parking, etc., facility maintenance, evidence of adequate incubator facility insurance coverage, and hours of operation. The applicant shall also provide in this section a copy of land and building title or lease agreement, or other assurances of long-term availability of the facility to incubator tenants; legal description of the property, sample contract for incubator tenant lease agreement; drawing of the layout of the facility, and a copy of certificate of insurance; and

(5) Fees and Rates - This section shall include a schedule of rental rates for leased space; fees for any services being provided by the sponsor; and the basis on which expense reimbursements will be calculated.

(6) Financial - This section shall contain a discussion of the sources of funding for the incubator and three year pro-forma income and cash flow statements, with assumptions. The first year pro-forma financial statement shall be by month. The remaining two years may be cumulative.

(7) Support - This section shall demonstrate how the sponsor will encourage the sharing of ideas between tenants, aid the incubator and set policy for terminating occupancy of tenants in order to maximize the opportunity to succeed for the greatest number of tenants.

Okla. Admin. Code § 150:75-1-3

Added at 16 Ok Reg 3392, eff 8-12-99; Amended at 18 Ok Reg 3506, eff 9-14-01