(a) Upon determining, after review of the criteria in section 27.2606, that a proposed enterprise is one which the Director approves of, he shall issue to an applicant a letter of approval. The letter of approval must be issued or denied within 120 days of receiving the application. If an application is denied, the applicant shall be given written reasons for the denial. Reapplications are allowed.
(b) The letter of approval provides no special rights to the applicant nor does it quarantine final issuance of a certificate of foreign investment.
(c) After receiving the letter of approval, the applicant has 180 days to secure and prove access to financing sufficient to construct and begin the operations of the enterprise. Proof of adequate financing must include proof or resources sufficient to initiate the approved enterprise within 120 days of the issuance of the certificate of foreign investment. Failure to secure, and prove to the Director, the necessary financing within 180 days of the issuance automatically voids the letter of approval. There shall be no extensions of time to obtain financing.History: 1988, PL 20-80; amd 1991, PL 22-11.