§600.60. Allowable Leverage

In addition to the forms of leverage defined in Section 9-5(a) of the Act, allowable leverage will include:

 

a)         Under-utilized land and/or buildings which are a part of the project when the appraised value qualifies them as under-utilized.

 

b)         A cash outlay by the principals resulting in them becoming stockholders.

 

c)         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.