15 AAC 150.710. Evidence of equity capital and mortgage financing

(a) The redeveloper shall submit to the Corporation evidence of equity capital and commitment for mortgage financing no later than 30 days after notice to the redeveloper of approval of construction plans.

(b) In this section, "evidence of equity capital and commitment for mortgage financing" means (1) that evidence as defined and required under the disposal agreement and the Part II Agreement; or (2) that evidence that, when evaluated pursuant to prudent and reasonable financial indicia, would indicate, in the opinion of the Corporation, that the projected redevelopment could be financed and could be satisfactorily completed within the time set out in the disposal agreement.

History: Eff. 5/7/93, Register 130

Authority: AS 18.55.100 (a)(4)

AS 18.55.540

AS 18.56.088

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