Agenda - Council - 03/11/2014 - Laserfiche WebLink

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DEMONSTRATION ACCOUNT P wDEVELOP . ENT G NT PROGdM SIT 0 ENTED DEVELOPMENT (TOD) PROG 2.08. Budget Variance. A variance of twenty percent (20%) in the budget amounts for grant - funded activities identified in Attachment A shall be considered acceptable without Council approval, provided no budget amount for any individual grant -funded activity may be increased or decreased by more than twenty percent (20%) from the budget amount identified in Attachment A. Budget variances any individual grant -funded activity identified in Attachment A exceeding twenty percent (20%) will require Council approval. Notwithstanding the aggregate or net effect of any variances, the Council's obligation to provide grant funds under this Agreement shall not exceed the Grant Amount identified at Page 1 of this Agreement. 2.09. Loss of Grant Funds. The Grantee agrees to remit to the Council in a prompt manner: any unspent grant funds, including any grant funds that are not expended prior to the Expiration Date identified at Page 1 of this Agreement; any grant funds that are not used for the authorized purposes; and any interest earnings described in Section 2.11 that are not used for the purposes of implementing the grant -funded Pre -Development TOD Project activities described in Attachment A. For the purposes of this Agreement, grant funds are "expended" prior to the Expiration Date if the Grantee pays or is obligated to pay for expenses of eligible grant -funded Pre -Development TOD Project activities that occurred prior to the Expiration Date and the eligible expenses were incurred prior to the Expiration Date. Unspent or unused grant funds and other funds remitted to the Council shall revert to the Council's Livable Communities Demonstration Account for distribution through application processes in future Funding Cycles or as otherwise permitted by law. 2.10. Payment Request Forms and Disbursements. The Council will disburse grant funds in response to written payment requests submitted by the Grantee and reviewed and approved by the Council's authorized agent. Written payment requests shall be made using payment request forms, the form and content of which will be determined by the Council. Payment request and other reporting forms will be provided to the Grantee by the Council. The Council will disburse grant funds on a reimbursement basis or a "cost incurred" basis. The Grantee must provide with its written payment requests documentation that shows grant -eligible Pre -Development TOD Project activities (or components of grant -eligible activities) actually have been completed. The Grantee must provide documentation of the local match contribution required under Section 2.03. Subject to verification of each payment request form (and its documentation) and approval for consistency with this Agreement, the Council will disburse a requested amount to the Grantee within two (2) weeks after receipt of a properly completed and verified payment request form. 2.11. Interest Earnings. If the Grantee earns any interest or other income from the grant funds received from the Council under this Agreement, the Grantee will use the interest earnings or income only for the purposes of implementing the Pre -Development TOD Project activities described in Attachment A. III. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01. Accounting and Records. The Grantee agrees to establish and maintain accurate and complete accounts and records relating to the receipt and expenditure of all grant funds received from the Council. Notwithstanding the expiration and termination provisions of Sections 4.01 and 4.02, such accounts and records shall be kept and maintained by the Grantee for a period of six (6) years following the completion of the Pre -Development TOD Project activities described in Page 5 of 10 Pages