Section 70. Disclosure of development process

An applicant for a license must disclose with regard to development of its horse racing facility:

1. The total cost of construction of the facility, distinguishing between known costs and projected costs;

2. Separate identification of the following costs, distinguishing between known costs and projected costs:

a. Facility design;

b. Land acquisition;

c. Site preparation;

d. Improvements and equipment, separately identifying the costs of 11VAC10-20-60, and other categories of improvements and equipment; and

e. Organization, administrative, accounting, and legal.

3. Documentation of the nature of interim financing and the nature of permanent financing;

4. Documentation of fixed costs;

5. The schedule for construction of the facility, giving:

a. Acquiring land;

b. Soliciting bids;

c. Zoning and construction permit approval;

d. Awarding construction contracts;

e. Beginning construction;

f. Completing construction;

g. Training staff; and

h. Beginning of racing.

6. Schematic drawings;

7. Copies of any contracts with and performance bonds from the:

a. Architect or other design professional;

b. Project engineer;

c. Construction engineer;

d. Contractors and subcontractors; and

e. Equipment procurement personnel.

8. Whether the site has been acquired or leased by applicant. If so, the applicant must provide the documentation. If not, the applicant must state which actions must be taken in order to obtain the site; and

9. Whether present construction planning envisions future expansion of the facilities and, if so, a general description of the nature of such expansion.

Historical Notes

Derived from VR662-01-02 § 2.6, Volume 06, Issue 10, eff. March 14, 1990.

Statutory Authority

§ 59.1-369 of the Code of Virginia.