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Resolution 8928
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Resolution 8928
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Last modified
6/25/2019 10:08:28 AM
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3/14/2018 9:58:53 AM
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MV City Council
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LOCAL HOUSING INCENTIVES ACCOUNT <br />2.10. Loss of Grant Funds. The Grantee agrees to remit to the Council in a prompt manner: any <br />unspent grant funds, including any grant funds that are not expended prior to the Expiration Date <br />identified at Page 1 of this Agreement; any grant funds that are not used for the authorized purposes; <br />any grant funds that are not matched on a dollar -for -dollar basis as required by Section 2.03; and any <br />interest earnings described in Section 2.12 that are not used for the purposes of implementing the <br />grant -funded Project activities described or identified in Attachment A. For the purposes of this <br />Agreement, grant funds are "expended" prior to the Expiration Date if the Grantee pays or is <br />obligated to pay for expenses of eligible grant -funded Project activities that occurred prior to the <br />Expiration Date and the eligible expenses were incurred prior to the Expiration Date. Unspent or <br />unused grant funds and other funds remitted to the Council shall revert to the Council's Local <br />Housing Incentives Account for distribution through application processes in future Funding Cycles <br />or as otherwise permitted by law. <br />2.11. Payment Request Forms, Documentation, and Disbursements. The Council will disburse <br />grant funds in response to written payment requests submitted by the Grantee and reviewed and <br />approved by the Council's authorized agent. Written payment requests shall be made using payment <br />request forms, the form and content of which will be determined by the Council. Payment request <br />and other reporting forms will be provided to the Grantee by the Council. Payment requests must <br />include the following documentation: <br />Consultant/contractor invoices showing the time period covered by the invoice; the <br />specific grant -funded Project activities conducted or completed during the authorized <br />time period within which eligible costs may be incurred; and documentation <br />supporting expenses including subcontractor and consultant invoices showing unit <br />rates, quantities, and a description of the good or services provided. Subcontractor <br />markups shall not exceed ten percent (10%). <br />The Council will disburse grant funds on a reimbursement basis or a "cost incurred" basis. The <br />Grantee must provide with its written payment requests documentation that shows grant -funded <br />Project activities have been completed. Subject to verification of each payment request form (and the <br />required documentation) and approval for consistency with this Agreement, the Council will <br />disburse a requested amount to the Grantee within two (2) weeks after receipt of a properly <br />completed and verified payment request form. <br />2.12. Interest Earnings. If the Grantee earns any interest or other income from the grant funds <br />received from the Council under this Agreement, the Grantee will use the interest earnings or income only <br />for the purposes of implementing the Project activities described or identified in Attachment A. <br />2.13. Effect of Grant. Issuance of this grant neither implies any Council responsibility for <br />contamination, if any, at the Project site nor imposes any obligation on the Council to participate in <br />any pollution cleanup of the Project site if such cleanup is undertaken or required. <br />2.14. Resale Limitations. The Grantee must impose resale limitations regarding the disposition of any <br />equity realized by the purchasers of "affordable" units if grant funds received from the Council under this <br />Agreement are used for homeownership affordability gap financing in the Project described or identified <br />in Attachment A. The intent of this resale limitation is to protect the public investment in the Project and <br />515311 v2 MU205-47 <br />Page 6 of 12 pages <br />Boulevard Project rev. 1119/17 <br />
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