(a) Subsequent to the determination of the amount pursuant to section 1811.2 of this Part, the municipality or municipal urban renewal agency shall submit for concurrence by the commissioner a State closeout agreement which shall:

1. (1) set forth the “Net State Financial Settlement” and provide for payment of such difference to either the municipality or municipal urban renewal agency or reimbursement of such difference to the State for overpayments; and
2. (2) contain such other terms as the commissioner may deem necessary to adequately protect the interests of the State.

(b) The municipality and the municipal urban renewal agency shall submit, in addition to the State closeout agreement, the following:

1. (1) resolutions from the municipality and the municipal urban renewal agency authorizing the execution of the State closeout agreement;
2. (2) evidence of no pending litigation with respect to the project; and
3. (3) any other documents that the commissioner may deem necessary in light of the particular circumstances of the project.