Local Sponsor Application

Local Sponsor Application. The application to be submitted by a Local Sponsor must include: A. The purpose of the proposed loan including a list of eligible items and the cost of each; B. The estimated cost of the total project, a description of the Local Sponsor's investment in the project, and all public or private sources of funding; C. The time schedule for implementation and completion of the project, evidencing an expeditious completion of the project; D. A statement of intention to operate the project for a time period equal to the term of the loan; E. Certified proofs of publication of the Resolution of Intention of the Governing Authority to apply for Port Loan funds. (Examples of the Resolution, which must be published once a week for at least four (4) consecutive weeks in a newspaper having general circulation in the county, may be found as Exhibit A or B. Upon receiving the results of the publication of the Resolution of Intention, the Governing Authority will need to provide MDA with an executed Resolution of No Protest.) F. A statement that the specific improvements are necessary for the efficient and cost- effective operation of the port and/or the project, together with supporting financial and engineering documentation; G. A statement of willingness to comply with nondiscrimination and equal employment opportunity requirements; and H. Current employment levels at the project site and estimated increases, if any, as a result of financing the project.