I am here with Hunter and we were discussing that it would be good to take a look to this program for Ormazabal. I am going to go through it this morning and get some idea of what it would be interesting for the company. The dead line application form is on august 31st so we don't have much time. Hunter would like you to take a look at it and have a small report done before the end of the week. I also will be sending my ideas to all you guys. Thanks. Regards
Abel
Enviado desde mi BlackBerry® de Vodafone
Lorenzo,
Roberto,
I
had a first look at part I of the DOE Loan Guarantee Program online application
(https://www.doeloan.com/doe/common/Applicant/Applicant.aspx)
to prepare my call to Steven Spinner of DOE.
We
may consider apply under section 1703 – Manufacturing Systems and
Components Projects. The program would guarantee 80% of aggregate principals
and interests.
Preliminary
application (“Part I”) is due by August 31, 2010. Equity
requirement is at least 20% of total project cost. There is also a requirement
to pay prevailing wage rates as per the Davis-Bacon Act, http://www.wdol.gov/, ($32 + $12 fringe
benefits hourly rate in Iowa). I have not found any MWBE consideration or personal
guaranty requirement.
Fees
are as follows:
-
$125k
application fee (25% with part I application and 75% with part II)
-
0.5%
facilitation fee (25% at signing, 75% at closing)
-
$50k
to $150k maintenance fee (yearly)
Application
requirements the following elements:
1.
Credit
rating of the project (S&P, Moody’s or Fitch)
2.
Latitude
/ Longitude of the manufacturing site
3.
Off-take
agreements (pre-arranged orders or sales)
4.
Revenue
projection
5.
Environmental
Impact Assessment
6.
Project
sponsor’s right to the Intellectual Property (in this case
Orma-Transatlantic Inc.)
7.
Job
creation estimate
8.
Technical
& project descriptions
9.
Summary
business and financial plans
10. OMB Application (not
sure what it is)
I
plan to call Steve Spinner tomorrow to explore further those 10 items and
determine whether they are mandatory for the initial August 31 deadline and how
critical they are to a successful application.
Best
regards,
Yvan
Yvan
T +1 203 983
8176
C +1 203 339
1548
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