Agreements and Reporting Requirements
The Department will negotiate grant agreements with those organizations chosen for funding.
The Department shall disburse monies from the Fund only after entering into a binding agreement with the organization.
The agreement will be in form and substance as provided by the Department and contain provisions that the Department considers necessary or appropriate, and must include;
A provision that the obligation of the Department under the agreement is contingent upon the availability of moneys in the Fund;
A provision for Implementation Projects that, for a period of up to five (5) years after project completion, the organization shall submit an annual report to Department that includes data on the economic development benefits of the project, performance measures or return on investment such as information on leveraged funds, new or retained jobs resulting from the project, and other information necessary to evaluate the success and economic impact of the project; and
A provision that the organization shall maintain accounts and records of all project-related activities for a period of five years after project completion and shall allow Department access to such records.