HAR §15-307-244. Regional infrastructure financing

(a) Loan amounts shall not exceed the actual cost of the infrastructure project, including total construction contract price, architectural and engineering fees, interest on the loan, legal and accounting expenses, construction insurance and performance bond premiums, and other such related 307-49 §15-307 244 expenses and costs as are directly attributable to the development and construction of the regional infrastructure project; provided that in no event shall the loan amount exceed a percentage of the total value of the infrastructure project as determined by the corporation for such project. (b) Payments of regional infrastructure loans may include loan repayments, the value of credits or reservations for infrastructure capacity, and in-kind payments of improved real property; provided that the value of the credits or reservations, the appraised value of the improved property, and other loan payments, if applicable, shall not be less than the loan amount. [Eff 4/2 8/1 7; comp JAN 1 5 ?0?? ] (Auth: HRS §§201H-4, 201H-191.5) (Imp: '§701H-191.5) §15-307-245 Processing of regional infrastructure project proposals. (a) An applicant shall make a written request including and supported by information, materials, forms and exhibits about the project as set forth in §15-307-26, above, as applicable to the project, and such additional information as may be required by the corporation. (b) The administrator shall, upon receipt of an application or project proposal or both, time stamp the same as received and review the application for completeness and compliance with applicable rules under this subchapter. An incomplete application shall be returned to the applicant. (c) After review of the application for appropriateness, technical compliance and feasibility, the administrator may submit the proposal with a recommendation for approval, contingent approval, or disapproval to the board. 1 (d) The board may recommend that a request for regional infrastructure subaccount funds be allocated or may deny a request for regional infrastructure subaccount funds for a project. The board may also defer action on any request for regional infrastructure subaccount funds and may request that additional information be submitted. If the board recommends that a request for regional infrastructure 307-50 §15-307-246 subaccount funds be allocated for a project, the board shall make specific findings that the use and application of regional infrastructure subaccount funds for the project are consistent with the purposes of this subchapter. [Eff 4/28/17; comp JAN 15 2022 ] (Auth: HRS §§201H-4, 201H-191.5) (Imp: §201H-191.5) §15-307-246 Evaluation of requests for program funds; criteria for selection of proposals. (a) The corporation or its designee(s) shall review each request for regional infrastructure subaccount funds to verify that the infrastructure project meets the requirements and purposes of this subchapter. If it is determined that the project does not meet the requirements and purposes of this subchapter, staff shall notify the applicant that the application for program funds will not be processed for action and state the reasons the application will not be processed. Staff shall review and evaluate projects only if the infrastructure project meets the minimum threshold requirements set forth in section 15-307-247 and the applicant submits a complete application. (b) Funds shall be made available on a case-by­ case basis. In selecting regional infrastructure projects for funding assistance under this subchapter, the corporation shall give consideration to the following factors: (1) The relative merits of the project including the need for the project, public benefits, and project readiness; (2) The ability of the applicant to deliver the project as planned, fulfill project commitments, and ensure compliance with the terms of the financing agreement; (3) The creditworthiness of the applicant; (4) The extent of local government support or the support of any other governmental body whose purview involves statewide community planning or permitting; 307-51 §15-307-246 (5) The recommendations of the Hawaii interagency council for transit-oriented development; (6) The amount of affordable rental housing development the proposed regional infrastructure project will support once completed, as measured by unit count; and (7) The amount of funding requested relative to the total cost of the infrastructure project. [Eff 4/28/17; comp JAN 152022 (Auth: HRS §§201H-4, 201H-191.5) (Imp: §201H-191.5) §15-307-247 Eligible regional infrastructure projects; minimum requirements. Proposed regional infrastructure project applicants shall meet the following minimum threshold requirements to be considered for financing assistance under this subchapter: (1) The proposed regional infrastructure project is for the benefit of housing and mixed-use transit-oriented development projects; (2) The proposed regional infrastructure project is located in an area designated for planned growth and will increase the capacity of the infrastructure facilities; (3) The project has the support of the applicable county planning and housing agencies; (4) The project has the support of the applicable state departments or agencies; and (5) The project has the support of the applicable mayor and the county legislative body, as evidenced by one or more the following: (A) Written letter of support from the mayor of the county in which the project is located; 307-52 4 §15-307-248 (B) Certified copies of resolutions in support of the project adopted by the county legislative body in which the project is located; or (C) Minutes, reports, or memoranda of actions taken by a county legislative body in which the project is located in support of the project. [Eff 4/28/17; comp JAN 1 5 2022 ] (Auth: HRS §§201H-4, 201H-191.5) (Imp: §201H­ 191.5)