(a) Arkansas Development Finance Authority staff must be informed on a current basis of the management entity and personnel responsible for ensuring compliance with all applicable laws, rules, policies, etc.
(b)
(1) To facilitate that notification requirement, the process for requesting the authority’s approval of any change in management will include the submission of:
(A) The proposed management plan; and
(B) Previous Participation and Owner's Certification and Authorization.
(2) The required forms can be located on the authority’s website.
(c)
(1) In order to obtain Board of Directors of the Arkansas Development Finance Authority approval, the project owner must submit the request forty-five (45) days before the anticipated effective date of the new management contract.
(2) The owner should not enter into a formal contract without the authority’s approval.