Step (3) in applying for the TDFP is the Locality verifying the Financing the completion of a Performance Agreement with the project Developer
Working directly Virginia Resources Authority (VRA), the Locality/Applicant, Developer and Lender will ensure that the Tier 1–70% of the financing is in place and verify committed financing and debt structuring. This is also true for the 30% gap financing the Developer is seeking from the same, or a different Lender. The same applies for the Tier 2–80%/20% model
During this stage, VRA will confirm with the Lender to verify debt and equity financing meets the TDFP Code of Virginia
Verification of all funding for the proposed project through debt or equity can be accomplished by supplying, but limited to, the following:
- Plan of Finance
- A short half-page description of how the project will be financed
- Substantiates the sources of funding
- Sources and Uses of Funds
- Minimum of 70% or 80% of the financial package is in place, depending on the Tier
- Term Sheets
- Commitments
- Loan agreement drafts
For specific questions regarding these funding requirements and an example Performance Agreement, please contact:
Shawn B. Crumlish
Director of Financial Services
Virginia Resources Authority
804.616.3445 | [email protected]
