A project is the total of all eligible investment on an eligible property. A joint preapproval application must be submitted by all qualified taxpayers who will be making eligible investments on the eligible property. The application must also include the addition of machinery, equipment and fixtures by a lessee if that investment is to be eligible for the credit.

If a lessee who will be making eligible investment on the property is not known at the time the application for preapproval is submitted, the application must include an estimate of the cost of the eligible investment reserved for this "unknown lessee." At the time the Certificate of Completion is requested, the previously "unknown lessee" must be identified and must meet the same eligibility requirements as the rest of the qualified taxpayers identified on the application.