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PAB Applications and Fees

New Information

Fee Schedule Changes

Changes have been made to the fees charged for Extension Requests.  These changes were approved in the 2016 Legislative Session and became effective May 10, 2016.

New Application Scoring Criteria

The Private Activity Bond Review Board approved and adopted new scoring criteria for multi-family housing and manufacturing applications at the January 25, 2016, Private Activity Bond Authority Board Meeting.  The areas of criteria considered and associated point values are listed in the following documents:

(Note:  The scoring matrix is for your information only.  Staff will use the matrix to score the applications.  Applicants are not required to complete this as part of their application.)

Additional information on the scoring criteria requirements is noted under the specific application category below.

New Extension Request Progress Report Requirement

The Private Activity Bond Review Board approved and adopted at the December 9, 2015, Private Activity Bond Authority Board Meeting a new Extension Request Progress Report policy, requiring all applicants requesting three or more extensions to complete this report for each request.  Additional information is listed under the Extension Request heading at the bottom of this page.

Please contact Roxanne Graham for additional information or questions on these policies.

“Additional Conditions” Changes for Multi-Family Housing Allocation

The following changes have been made to the “Additional Conditions” as part of the “Certificate of Allocation” for multi-family housing projects:

  1. The “remaining units” of a project after the required “20/50” or “40/60” test has been met are no longer rent-restricted.
  2. The “remaining units” can be occupied by individuals of any income level.  The “Average Remaining Unit Income” restriction of 80 percent or less of Area Median Gross Income no longer has to be followed.

Multi-Family Additional Conditions

GRAMA Policy

The Utah State Attorney General’s Office requested the PAB Board adopt its’ own Government Records Access and Management Act (GRAMA) Policy, which was approved in the Private Activity Bond Authority Board Meeting on July 10, 2013.  Applicants submitting proposals for funding consideration, please note a portion of this policy as outlined below.

All proposals, applications and other exhibits, submitted to the PAB Review Board for funding consideration, become the property of the Private Activity Bond Authority Program (PAB).  These materials are generally subject to the Utah Government Records Access Management Act (“GRAMA”) (Utah Code Ann. §§63G-2-l 01 et seq) and are considered public records after the evaluation process has been completed and a final decision made.

The Act, however, does protect trade secrets, commercial information and non-individual financial information which, if disclosed, would give an unfair advantage to the recipient of that information, as opposed to the person who submitted the application.

GRAMA provides that if a person submits trade secrets, commercial information or non-individual financial information to a government entity, they may request that information to be classified as a protected record.  A protected record request for any portion of a proposal, application or other exhibits requires the completion of a “Request for Protected Record Status” form.  One section of this form requires a written statement supporting the claim for confidentiality.  To help facilitate this requirement, applicants may complete a “Claim of Business Confidentiality Request” form.

The completed and signed form(s) must be submitted with the proposal.  The person submitting the application must clearly identify the specific information for which the protected classification is requested.  Failure to provide this, risks having the entire submission be considered a public record.  An entire submission may not be protected under a claim of business confidentiality.

__________________________

Application Notes

Please take note of the bolded paragraph under the GRAMA Policy section above.  Unless an applicant requests certain sections of their application to be classified as a protected record, once an application is submitted for review, all information connected with that application, including all exhibits, are subject to GRAMA rules.  (Please note:  An entire application, including exhibits cannot be classified as a protected record.)  Additional information for any of the PAB Programs listed below, including application guidelines, policies and procedures, etc., can be found at the following link.  Program Descriptions  Except as noted, for additional information or questions regarding the application, please contact Roxanne C. Graham at (801) 538-8699 (work), (801) 580-3317 (cell) or at roxanneg@utah.gov.

Manufacturing

Applicants of the Manufacturing Facility Program (also known as IDB (Industrial Development Bonds or IRB (Industrial Revenue Bonds) are manufacturing companies who are interested in expanding their businesses.  For more detailed information regarding manufacturing bonds, please view the “Policies and Procedures” and “Application” links below.

Application Submission Requirements

  • Two (2) paper copies (one original and one copy) in separate 3-ring binders.
  • Applications must be copied one-sided only and in color.
  • The binder must be able to adequately hold the application and exhibits with room to turn pages easily.
  • Label the front and side of the binders with the project name.
  • One (1) electronic copy of the application only, e-mailed to Roxanne C. Graham at roxanneg@utah.gov.  
  • All copies must be submitted to our office by the specified deadline for the meeting you wish your project to be reviewed by the Board.  (Meeting Schedule).
  • Submit appropriate application fee with application.  (See bottom of this page.)
  • Please send all copies of the application and the application fee made payable to “Private Activity Bond Authority” to:
    Roxanne C. Graham, Director
    Private Activity Bond Authority Program
    60 East South Temple, 3rd Floor
    Salt Lake City, UT  84111

Applications may be disqualified for any of the following reasons:

  • Not received by the submission deadline.
  • Incomplete application.
  • No application fee submitted with application.

All manufacturing applications are evaluated by PAB Staff and approved consultants.  In the event the demand for Private Activity Bond volume cap exceeds the current availability, applications will be scored or numerically ranked for the purpose of allocation.  Specific criteria, requirements and possible points awarded are listed in the PAB Manufacturing Application Scoring Criteria and PAB Manufacturing Application Scoring Criteria Matrix.  The Scoring Criteria goes into effect on January 25, 2016.

Exempt Facilities

Applicants of the Exempt Facility Program are for certain types of facilities that serve the general public (airports, mass commuting, water and sewer, furnishing of electricity or gas, etc.) that are interested in expanding their business.  The information needed for Exempt Facility projects is very similar to Manufacturing projects so the same application is used for both programs.  The submission requirements are the same as for Manufacturing applications.  (See above.)

Multi-Family Housing

Developers wishing to apply for Private Activity Bond (PAB) Volume Cap to help finance their multi-family housing projects must submit their information on the consolidated multi-family housing application used jointly by PAB, Utah Housing Corporation (UHC) and the Olene Walker Housing Loan Fund.  All applications must meet the same criteria of the Low-Income Housing Tax Credit (LIHTC) Program administered by Utah Housing Corporation, as outlined in the State of Utah Qualified Allocation Plan.

To obtain the Excel® “Consolidated Application Form”, contact David Seely at (801)902-8246 or by e-mail – dseely@uthc.org.

For questions regarding the application, contact Claudia O’Grady at cogrady@uthc.org or call (801) 902-8200.
This link will direct you to the UHC web site to obtain additional information on multi-family housing.  https://utahhousingcorp.org/HTML/multifamily.shtml

Application Submission Requirements

  • Two (2) paper copies (one original and one copy) of the complete application in separate 3-ring binders.  A complete application contains the Excel “Consolidated Application Form” and all required attachments, exhibits, etc.
  • Both copies of the Excel “Consolidated Application Form” must be copied one-sided only and in color.
  • The binder must be able to adequately hold the application and exhibits with room to turn pages easily.
  • Label the front and side of the binders with the project name.
  • One (1) electronic copy of the “Consolidated Application Form”only (Excel spreadsheet), e-mailed to Roxanne C. Graham at roxanneg@utah.gov.  
  • All copies must be submitted to our office by the specified deadline for the meeting you wish your project to be reviewed by the Board.  (Meeting Schedule).
  • Submit appropriate application fee with application.  (See bottom of this page.)
  • Please send all copies of the application and the application fee made payable to “Private Activity Bond Authority” to:
    Roxanne C. Graham, Director
    Private Activity Bond Authority Program
    60 East South Temple, 3rd Floor
    Salt Lake City, UT  84111

Applications may be disqualified from the review process for any of the following reasons:

  • Incomplete application – did not contain all the required exhibits, attachments, documents, etc.
  • Did not meet all the application requirements.
  • Was not received by the submission deadline.
  • No application fee was submitted with application.

All multi-family housing applications are evaluated by PAB Staff and approved consultants and must address any questions and/or concerns raised by the PAB Staff.

In the event the demand for Private Activity Bond volume cap exceeds the current availability, applications will be scored or numerically ranked for the purpose of allocation.  Specific criteria, requirements and possible points awarded are listed in the PAB Multi-Family Application Scoring Criteria and PAB Multi-Family Application Scoring Criteria Matrix.  The Scoring Criteria goes into effect on January 25, 2016.

Single Family Housing

The only applicant for the Single Family Housing Program is Utah Housing Corporation (UHC).  For a description of this program click on the link below.  For additional information, please contact Pamela Shinsel at pshinsel@uthc.org or call (801) 902-8200.

Student Loan

The only applicant for the Student Loan Program is the Utah State Board of Regents, also known as the Utah Higher Education Assistance Authority (UHEAA).  For a description of this program click on the link below. For additional information, please contact UHEAA at uheaa@utahsbr.edu or call (801) 321-7200.

Qualified Energy Conservation Bonds (QECB) Application

Any eligible issuing authority (county, city/town) within the state can apply for volume cap to fund Qualified Energy Conservation Bond (QECB)projects.  QECB projects can be in any of the following areas:

  • Capital Expenditures for 1) energy reduction in public buildings by 20%; 2) implementing green community programs; 3) rural development of electricity from renewable energy resources; 4) any qualified facility.
  • Renewable energy production.
  • Expenditures for facilities and grants for energy development research.
  • Mass commuting facilities that reduce energy consumption.
  • Several types of energy related demonstration projects.
  • Public education campaigns promoting energy efficiency.

2016 QECB Application – Word
2016 QECB Application – PDF

Application Submission Requirements

  • Two (2) paper copies (one original and one copy) in separate 3-ring binders.
  • Applications must be copied one-sided only and in color.
  • The binder must be able to adequately hold the application and exhibits with room to turn pages easily.
  • Label the front and side of each binder with the project name.
  • One (1) electronic copy of the application only, e-mailed to Roxanne C. Graham at roxanneg@utah.gov.  
  • All copies must be submitted to our office by the specified deadline for the meeting you wish your project to be reviewed by the Board.  (Meeting Schedule).
  • Submit appropriate application fee with application.
  • Please send all copies of the application and the application fee made payable to “Private Activity Bond Authority” to:
    Roxanne C. Graham, Director
    Private Activity Bond Authority Program
    60 East South Temple
    Salt Lake City, UT  84111

Applications may be disqualified for any of the following reasons:

  • Not received by the submission deadline.
  • Incomplete application.
  • No application fee submitted with application.

PAB Fee Structure for Applications and Extensions

Listed below is the approved fee structure for all Private Activity Bond and Qualified Energy Conservation Bond Program applications reviewed and approved by the Private Activity Bond Authority Review Board. All fees are non-refundable. Please make all checks payable to the “State of Utah – Private Activity Bond Authority” and submit it along with the application to:

Roxanne C. Graham, Director, Private Activity Bond Authority Program
60 East South Temple, 3rd Floor, Salt Lake City, Utah 84111

Application Fees
Application fees are due at the time of application submission for review and approval by the Board. Omission of fees will render applications incomplete and subject to disqualification.

The Application Resubmission Fee only applies to projects that were previously submitted, approved and received an allocation of volume cap, but were not able to issue the bonds. Resubmitted applications must be the same exact one that was previously approved. Any changes to the application, including the amount of volume cap requested, will be considered “First Time” applications.

Application Amount First Time Application Fee Application Resubmission Fee
Under $3,000,000 $1,500 $750
$3,000,000 – $5,000,000 $2,000 $1,000
Over $5,000,000 $3,000 $1,500 

Confirmation Fees
A confirmation fee is charged for all applications approved by the PAB Review Board for an allocation of volume cap. Applicants will be invoiced within five (5) business days after the Board Meeting in which the approval was granted. Confirmation Fees are due within 10 days of invoice receipt.

Confirmation Fee
$300 per Million Dollars of Volume Cap Received

Allocation Period

Each Certificate of Allocation is valid for a period of 90 days or until the next PAB Board Meeting. If the bonds for the approved allocation are not issued within the 90-day period, the certificate becomes void. The applicant can request an extension, which will give them another 90-day period to close the bonds; however, if no extension is requested, the volume cap is automatically relinquished back to the PAB Board.

Extension Requests
Applicants who are not able to close their bonds during the initial 90-day period may request an extension from the Board.  Each extension request is valid for a period of 90 days or until the next PAB Board Meeting.  Extension approval is based on the project advancement.  Applicants are encouraged to attend Board Meetings to answer any questions and update the Board on the progress of the development.

If an applicant requires three or more extensions, a comprehensive progress review will take place on the project prior to each Board Meeting where an extension will be considered.  Applicants will be required to complete the Extension Request Progress Report prior to the Board Meeting.  Applicants are required to attend the Board Meeting to respond to the Progress Report, provide information on any recent developments and answer any questions the Board may have.  The applicant may be asked to reapply after the third extension review if there is no substantial evidence of being able to close the bonds.  The Board reserves the right to approve or reject any extension based on the criteria set forth in Utah Code Section 63N-5-105.

Applicants requesting an extension to a pre-approved volume cap allocation must pay the appropriate extension fee immediately after the board meeting in which the extension is approved.

Extension Fee Schedule (effective May 10, 2016)

Extension Request Fee
First No Charge
Second $2,000
Third $4,000
Any Additional Extension $4,000 for each 90-day period

Please note the following items in regards to Certificate Extensions and Expiration Dates:

  • PAB Manufacturing projects are not eligible for CarryForward allocation (allowing your volume cap allocation to be carried over to the new calendar year).  Bonds must close by the third Saturday in December of the same year in which the project was approved by the Board.  Any volume cap not issued by this date is automatically relinquished back to the PAB Review Board.
  • Certificates issued for extensions on multi-family projects in the October Board Meeting are only good until the December Board Meeting, due to the program running on a calendar year basis.
  • Extension certificates for multi-family projects issued in the December Meeting are valid until the April Board Meeting of the following year.  They do not come up for extension renewal in the January Board Meeting.  This will only apply as long as the issuer of the bonds has CarryForward authority.  If the issuer does not have this authority, then the bonds must close by the third Saturday in December of the same year in which the applicant received the allocation; otherwise, the volume cap will automatically relinquish back to the PAB Review Board.

Downloads

Claim of Business Confidentiality Request

Request for Protected Record Status

Government Records Access and Management Act (GRAMA) Policy