Ga. Comp. R. & Regs. R. 110-7-1-.06 - Awarding of Funds

(1) Award limits will be set at no more than $750,000 per project. These limits can be waived upon recommendation as set forth in 110-7-1-.05(e) and upon approval of the Commissioner of Community Affairs.

(2) Once selected for funding, grant funds will be made available by the department through a grant award statement incorporating by reference the approved final application and adding any special conditions that may be necessary or appropriate. As part of the grant award conditions, recipients must file a report on the impact and performance of the project, in a format prescribed by the department, for future use by the department.

(3) The department may approve a grant subject to certain general or special conditions that will be incorporated into the grant award document. Such conditions may require that an applicant loan REBA funds to the participating business or private user, with terms as prescribed by the department. Loan repayments would be recaptured by the department to be used for other economic development projects and programs.

(4) As a condition to the award, the department may require the recipient and the participating business or private user to execute a Performance and Accountability Agreement. Such an agreement would establish performance standards (such as job creation and private investment), reporting requirements, and conditions for repayment, among other terms, as conditions of the award.

(5) Because of the limited amount of funds available, the department may also award an amount less than the amount requested in the application. Applicants will have thirty (30) days from the date of award to accept to special conditions and/or the reduced grant amount. The department reserves the right to shorten this period during the last quarter of each fiscal year. If the applicant fails to accept the special conditions or lower grant amount within the required period, the department may unilaterally withdraw the grant award.

(6) The department will provide recipients with specific instructions and forms to be used for drawdown of funds under the grant award.

Notes

Ga. Comp. R. & Regs. R. 110-7-1-.06

O.C.G.A. Sec. 50-8-8 and Appropriations Act.

Original Grant description entitled "Awarding of Grant Funds" submitted November 1, 1993. Amended: Submitted February 25, 1994. Submitted: Grant description, same title, received Jun. 5, 1995. Submitted: Nov. 22, 1996. Submitted: Dec. 31, 1997. Submitted: May 29, 1998. Submitted: Grant description entitled "Awarding of Funds" received Nov. 7, 2007.