(b) The grant agreement shall specify:

1. (1) The eligibility date for incurring project costs;
2. (2) The date by which the grantee shall complete the Arkansas Site Development Grant-funded portion of the project;
3. (3) The amount of approved costs determined by the commission;
4. (4) The eligible activities that may receive funding;
5. (5) Repayment provisions for noncompliance of conditions set in the grant agreement; and
6. (6) The process by which grant funds shall be disbursed to the grantee.

(c)

1. (1) A grantee may begin to incur eligible expenditures for reimbursement after a grant agreement has been completed.
2. (2) Invoices and documentation of the purchase of eligible expenditures must be submitted to the commission before reimbursement will occur.
3. (3) Any expenditures related to the completion of the project that were made before the completion of the grant agreement will be deemed ineligible expenses.