Kan. Admin. Regs. § 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.
Notes
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