Sec. 21.4. Procedures

(a) For a preliminary feasibility study:

(1) A qualified industrial firm or purchasing group shall complete and submit to the department a short-form application on forms provided by the department which shall include, but not be limited to, a description of the firm, its competitive situation, financial circumstances, assistance requested, proposed use of experts and method of selection, costs, support of the labor force for the study, the nature and extent of the firm's participation in and commitments to the study, commitments to make available necessary financial and other information, confidentiality provisions, and reporting requirements.

(2) Upon review and approval of the application by the department, a written agreement shall be entered into with the firm or purchasing group.

(3) The department, or an expert or experts retained by the department, shall perform the preliminary assessment.

(4) The department shall review the work of the expert preparing the preliminary feasibility study prior to its submission to insure that it adequately addresses the scope of services. Such preliminary feasibility study shall be delivered to the firm and to the department.

(b) For a full feasibility study:

(1) The firm or purchasing group shall prepare an application on forms provided by the department which shall include, but not be limited to, a detailed scope of services, estimated costs and schedule for completion of each task, commitments by the firm to meet the cost- sharing contributions set forth in Part 25 of this Title, and to make available financial and other information, confidentiality provisions, proposed use of experts and method of selection, evidence of support and participation of the labor force in the study reporting requirements, and such other information as the department may deem necessary and appropriate.

(2) In the case of a local buy out, the firm or purchasing group shall also supply evidence of support for the proposed buy out by members of the purchasing group, employees and labor organizations of the firm, and a letter from the owner or owners of the industrial firm indicating support of the local buy out and willingness to sell or transfer ownership interests to the purchasing group.

(3) In the case of a corporate restructuring or turnaround, the firm or purchasing group shall also provide information concerning major suppliers, customers, financial sources and other major creditors.

(4) Upon review and approval of the application by the commissioner, a written agreement shall be entered into with the firm or purchasing group.

(5) Full feasibility studies will be conducted by experts retained by the department, the industrial firm or purchasing group, and supervised by the department. Experts shall review their draft findings and recommendations with the department and the firm or purchasing group prior to submission of the full feasibility study. A final full feasibility study shall be delivered to the department and the firm or purchasing group.

(6) If the department determines, based upon recommendations in the study that further assistance is warranted, it may amend the agreement with the firm or purchasing group to provide for additional services to plan, design and introduce remedial measures required to effect a local buy out or corporate restructuring or turnaround, or to improve productivity and competitiveness.