18.11.10.14

Approval of Grant:

1. A. If the division approves an application for a grant, the recipient of the grant must enter into an agreement with the division. The agreement must specify:

   1. (1) The amount of the grant;

   2. (2) The amount of the matching funds from the eligible recipient. Minimum matching funds shall not be less than:

      1. (a) ten percent if the eligible recipient has no existing scheduled air service at the time of application; and
      2. (b) twenty percent if the eligible recipient has existing scheduled air service at the time of application. In-kind contributions may not be used in satisfying the required minimum matching funds.
   3. (3) the proper use of the money obtained from the grant;
2. (4) the date on which the division approved the grant;
3. (5) the specific indicators of performance by which the division and the recipient of the grant will measure the progress of the project;
4. (6) the projected estimates of costs;
5. (7) a requirement that the recipient of the grant report to the division on an annual basis.
6. B. If the eligible entity fails to execute and return the grant agreement within 60 days of receiving the notice of award, the project shall be considered lapsed.

[18.11.10.14 NMAC - N, 10/26/2021 A, 2/14/2023]