11.07.09.08

.08 Evaluation of Proposed Projects and Selection Process.

A. A proposal for a vehicle parking facility project is subject to an initial review by the Authority to determine the eligibility of a project in accordance with this chapter and the Act.

B. If a proposal is eligible under this chapter and the Act, the Authority shall review the proposal and determine whether the Authority will finance the vehicle parking facility project.

C. In making a determination as to whether to finance a vehicle parking facility project, the Authority shall base the financing decision on the following criteria:

(1) The financing plan is allowable under any trust agreement between the Authority and a corporate trustee or the Act, or both, and provides for access to the necessary capital to finance the vehicle parking facility;

(2) Market demand and the amount of project debt can be supported by the projected revenue stream;

(3) Consistency with local and State planning, transportation, and Smart Growth plans;

(4) Integrity of engineering architectural and design specifications and accuracy of construction, operational, and maintenance costs; and

(5) Any other factor that the Authority considers relevant.

D. Authority approval of the financing of the vehicle parking facility shall by evidenced by a signed resolution of the Authority, and represents the final approval for the vehicle parking facility project.