Requirement List For High Technology Deferral With Multiple Qualified Buildings printable pdf download

Requirement List For High Technology Deferral With Multiple Qualified Buildings

Requirement List for High Technology

Deferral with Multiple Qualified Buildings

Building requirements

All buildings included must meet the following requirements:

•

Leased to the same person.

•

Located within a five-mile radius.

•

of each building begins within a 60 month period.

Initiation of construction

Lessor responsibilities

• Lessor for each project must submit a High Tech Deferral application for each investment project/building.

Lessee responsibilities

• Lessee must make a preliminary election to treat the multiple qualified buildings as a single investment project

before a temporary certificate of occupancy, or its equivalent, is issued for any of the multiple qualified

buildings. (See attached Preliminary Election Form)

• Before making final election, lessee may remove one or more of the buildings indicated in the preliminary

election. (See attached Final Election Form)

• All buildings included in the final election must have received a temporary certificate of occupancy or its

equivalent.

• Lessee must make a final election whether or not to treat the multiple qualified buildings as a single

investment project by the date that is the earlier of either:

• 60 months following the date that the lessee made the preliminary election.

• 30 days after the issuance of the temporary certificate of occupancy, or its equivalent, for the last

building to be completed.

• Lessee must furnish the department with a bond, letter of credit, or other security in an amount equal to the

repayment obligation before the project can be certified as operationally complete.

• A letter of credit may also be provided, and the value increased according to the value of the

repayment obligation of the buildings, as each building is completed. This is acceptable. The total

amount will still be equal to the repayment obligation before the project can be certified as

operationally complete.

• Proof of bond, letter of credit, or other security received by Department of Revenue. (Attach to file.)

REV 81 1025 (7/23/10)

Requirement List For High Technology Deferral With Multiple Qualified Buildings