§590.60. Allowable Leverage

In addition to the forms of allowable leverage defined in Section 10-4(a) of the Act, allowable leverage will include:

 

a)         under-utilized land and/or buildings which are a part of the project;

 

b)         machinery and equipment brought into the state from another state; and

 

c)         use of retained earnings, proceeds of a public offering or other cash equity.

 

d)         Funds expended by the business prior to the date of a loan or grant award; existing in-state equipment, land, buildings, furnishings, inventory (already owned and being utilized); lines of credit; post-project costs, (such as operational expenses); and debt refinancing will not be considered as leverage.