Project Eligibility 
Download a print version of Midland's Business Assistance Uses & Qualifications

Eligible projects must meet the following criteria.  Community Investment is open to both existing and new employers who meet project guidelines.

ELIGIBILITY

Types of Jobs Created.

Eligible projects will create positions classified as basic industry jobs.

Identified Target Industries.

Contract manufacturing: electronics, circuit boards, etc., transportation equipment, aircraft maintenance & customization services, back office operations, warehouse/distribution, special machining operations, energy-related software & services, plastics modeling, health care services, data centers.

Wage and Skill Targets.

Wages and skills should be at or above the current community average.

Companies desiring MDC consideration should have a minimum of 10 full-time jobs in the first year that have an average wage above the community average.

Investments in fixed assets and infrastructure are preferred.

ECONOMIC IMPACT TARGETS

A comparable impact analysis on project after preliminary screening will be required.

INCENTIVE PERFORMANCE AGREEMENTS aka What Form Will the Investment Be?

The Community Incentive may be awarded as a loan, low interest loan, no interest loan, forgivable loan, grant or installment grant agreement, or similar financial arrangement.

All agreements will include a recapture provision and an annual, multi-year employment certification provision. The type of recapture provision will be determined on a case-by-case basis

DATA REQUIRED FOR PROJECT CONSIDERATION

The Midland Development Corporation suggest the following data be provided before a project can be considered for Community Investment:

1. Completed Application for Investment.

2. Legal entity and organizational documents.

3. Business plan with three to five year projections showing cash flow, debt requirements and expected debt service. The business plan must include project description, estimated number of full-time jobs created, and performance benchmarks.

Public companies applying for the investment must provide:
a. Three years of audited financial statements, including Forms 10-K and 10-Q for the two most recent years
b. Promotional materials and recent news releases
c. Dun &Bradstreet report
d. Credit reference
e. Certificate of Good Standing

Private companies applying for the investment must provide:
a. Ownership percentage breakdown
b. Resume of principal owner(s)
c. Credit reports on principal owner(s)
d. Three years of financial statements prepared in accordance with generally accepted accounting principles and audited, if possible
e. Personal guarantee of principals on large investments
f. Personal references
g. Bank references
h. Current federal and state tax returns

A Financial Review Committee will review the financial information provided. An investment of $1 million or more will require audited financial statements.  The Midland Development Corporation may sign Confidentiality Agreement with Community Investment companies.  

To download a print version of Midland's Business Assistance Uses & Qualifications click here.