261—65.7 (15) Application.
	 65.7(1) Every application for assistance shall include evidence of sponsorship and any other information the authority deems necessary in order to process and review the application. An application shall be considered received by the authority only when the authority deems it to be complete. Applications for assistance shall also include the following information:
	  a.   	 A business plan. The business plan should, at a minimum, include a remediation plan, a project contact/applying agency, a project overview (which would include the background of the project area, goals and objectives of the project, and implementation strategy), and a project/remediation budget.
	  b.   	 A statement of purpose describing the intended use of and proposed repayment schedule for any financial assistance received by the applicant.
	 65.7(2) The authority shall accept and review applications in conjunction with the council and the board. The council shall consider applications in the order complete applications are received and make application recommendations to the board. The board shall approve or deny applications.
	 65.7(3) Upon review of the application, the authority may register the project under the program. If the authority registers the project, it shall, in conjunction with the council and the board, make a preliminary determination as to the maximum amount of the tax credit for which the investor qualifies. After registering the project, the authority shall issue a letter notifying the investor of successful registration under the program. The letter shall include the maximum amount of tax credit for which the investor has received preliminary approval and shall state that the amount is a preliminary determination only. The preliminary determination is not a contract, contract term, promise, guarantee, assurance, or representation of the actual tax credit the investor will receive or should expect to receive. The preliminary determination is a nonbinding figure, provided purely for the investor’s and the authority’s information and convenience, based on the authority’s existing understanding and estimates related to the project. The amount of tax credit included on a certificate issued pursuant to this subrule shall be contingent upon completion of the requirements of subrules 65.7(4) to 65.7(6) and shall be based solely on completion and compliance with all terms and conditions of the contract pursuant to this rule, rule 261—65.10(15), and Iowa Code sections 15.293A and 15.293B as amended by 2011 Iowa Acts, Senate File 514.
	 65.7(4) Approved applicants shall enter into an agreement with the authority. The agreement shall specify the requirements necessary in order to receive tax credit and the maximum amount of tax credit available.
	 65.7(5) Upon completion of a registered project, an audit of the project’s qualifying expenses shall be completed by an independent certified public accountant licensed in the state of Iowa and shall be submitted to the authority.
	 65.7(6) Upon written notification of project completion, review of the independent audit, and verification of the amount of the investment, the authority may issue a certificate to the investor.
[ARC 7844B, IAB 6/17/09, effective 7/22/09; ARC 9746B, IAB 9/7/11, effective 8/19/11]