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FAQ
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What attachments must be submitted with the preapproval request?
 
Answer:

The following items must be included when submitting a completed Brownfield Redevelopment Credit Project Preapproval Application, Form 3660.

  • Municipality Certification of the property's inclusion in an approved Brownfield plan, seal affixed.
  • Copy of Approved Brownfield plan and resolution designating the eligible property, including a map of sufficient detail and scale to allow identification of parcel boundaries, project boundaries, existing and proposed building locations, and brownfield boundaries. Also include a map identifying any other eligible property named in a brownfield plan in the city, village or township.
  • Three years' audited financial statements for each qualified taxpayer. Unaudited statements will be accepted if audited are not available. If a qualified taxpayer cannot provide three years of financial statements, 1) include an explanation, and 2) provide alternate information describing the financial capacity of the qualified taxpayer or of affiliates which would assume financial responsibility. Copies of tax returns are not an acceptable alternative.
  • A projection of operating expenses and income for the project.
  • The signature of each qualified taxpayer in Part 6 of Form 3660.
  • Documentation verifying the status of each qualified taxpayer as an owner or lessee at the time Form 3660 is submitted (e.g. signed lease agreement, copy of warranty deed, etc.).
  • If the project is on a property that is functionally obsolete, an affidavit signed by a level 3 or level 4 assessor stating that the property is functionally obsolete and the basis for that opinion.

The Brownfield Redevelopment Credit Project Preapproval Application, Form 3660, will not be considered administratively complete and will not be accepted if these attachments are not provided. Incomplete applications will be returned unprocessed.


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