Section 510.260  Evaluation and Selection Process

a)         The Department's internal review committee shall conduct an evaluation of each Application.  Each question will be scored using a rating system of 1-10 with 10 being the highest possible score per question, with a maximum possible score of 100.  The criteria used in determining whether an Application will be considered for a grant award include, but are not limited to, the following:

1)         To what extent is the Project a viable Tourism Attraction located within 30 miles of an area with Supporting Visitor Services?

2)         To what extent does the attraction meet the definition of a Tourism Attraction in Section 510.20 of this Part?

3)         To what extent are the costs itemized on the budget reasonable and necessary to enhance or develop the Tourism Attraction?

4)         To what extent is the Tourism Attraction currently marketed or going to be marketed to visitors from outside 50 miles?

5)         To what extent does the Project demonstrate how it will increase visitation, length of stay and/or Tourism expenditures from outside 50 miles?

6)         To what extent does the Project include adequate tracking and evaluation measures?

7)         To what extent will the development or enhancement of the Tourism Attraction be completed and open to the public with regular scheduled hours at the end of the grant period?

8)         To what extent will the increase in expenditures from additional visitors generate economic benefits to the State and local area?

9)         To what extent will the Project have a significant impact on the area's overall tourism efforts?

10)        To what extent will the Project demonstrate the potential for sustainable economic growth and job creation, and to what extent will it have a significant impact on the State's overall tourism efforts?

b)         The scores of the Department's internal review committee are averaged to obtain the Application's total score.  An Application must receive a minimum of 60 out of 100 possible points to be considered eligible for funding.  The internal review committee shall forward all eligible Applications, together with its recommendations, to the Director for final determination.  During the final review process, the Director will determine whether an eligible Application is awarded a grant.

c)         Financial Evaluation Component − The Department shall conduct a financial analysis of the loan Application submitted by for-profit companies.  The Department shall review the company's financial statements, including the annual balance sheets and profit and loss statements for the past 3 years, as well as the most recent 90 days, and a 3 year projected balance sheet and profit and loss statement, and a one year monthly cash flow statement.  A comprehensive business plan or company annual reports may be submitted in lieu of the aforementioned material.  This shall be reviewed through a standard credit analysis that will determine the:  liquidity and debt coverage for the Project; ability of the company to manage debt; business trends; and projected earnings.  This data will be compared to similar data for companies in the same industry using the 1999-2000 (no later amendments or editions included) "RMA Annual Statement Studies", published by Risk Management Association, One Liberty Plaza, 1650 Market, Suite 2300, Philadelphia PA 19103, or a comparable source if the industry is evaluated by this source or a comparable source.  This standard credit analysis will determine the financial stability of the company and need for funding.

(Source:  Amended at 35 Ill. Reg. 18608, effective October 28, 2011)