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3 Section 1.04 Grant Term. The Project Activities shall be completed in a timely manner and all Grant funds will be expended no later than June 30, 2025 (“End Date”). Section 1.05 Disbursement of Funds. A. The Authority will disburse Funds in response to written reimbursement requests (“Reimbursement Requests”) submitted to Authority by Grantee upon a form provided by Authority and accompanied by copies of bills and invoices from third parties for which Grantee seeks reimbursement. Subject to verification of the facts contained in each Reimbursement Request and a determination of compliance with the terms of this Agreement, Authority will disburse the requested amount to Grantee within thirty-five (35) days after receipt of each Reimbursement Request. B. The following are events and conditions precedent to the disbursement of the Funds for any Project Activity: 1. Grantee shall have executed this Agreement and shall have delivered such executed copies to Authority on or prior to the date hereof, without expense to Authority; 2. No Event of Default under this Agreement shall have occurred and be continuing, unless waived in writing by Authority in its sole discretion; 3. As applicable with respect to each disbursement, Grantee shall have received or Authority shall have determined that Grantee will receive within a reasonable timeframe, all necessary rezoning, variances, conditional use permits, building permits and other permits, and subdivision, site plan and other approvals needed to permit the construction for which Funds are requested; and Section 1.06 Unused Funds. Upon the earlier of (a) the completion of the Project Activities; (b) the End Date; or (c) the termination of this Agreement, any Funds not previously disbursed for any reason, shall not be bound by the terms of this Agreement and may be retained by Authority, at Authority’s sole discretion. Section 1.07 Business Subsidy. The parties hereto agree and acknowledge that the Grant does not constitute a business subsidy under Minnesota Statutes, §§ 116J.993 to 116J.994, as amended, because recipient is a government agency. Section 1.08 Prevailing Wage. The Project will conform with the labor laws of the State of Minnesota, and all other laws, ordinances, and legal requirements affecting the work in Ramsey County and Minnesota including the Ramsey County Prevailing Wage Ordinance No. 2013 -329 (“Ordinance”). The minimum wage rate per hour to be paid for each classification of work shall be the union wage rate in the locality of the Project for those classifications over which the unions have jurisdiction and the local prevailing rate for those classifications of work in the localities over which the unions do not have jurisdiction. Failure to comply with these requirements may result in civil or criminal penalties.