1. (1) The office shall establish a maximum amount for this grant before approving and distributing grant funds.

2. (2) After GOEO approval of an Economic Assistance Grant application, no more than 90% of grant funds will be disbursed to a business until after:

   1. (a) a contract between the business and the state is executed; and
   2. (b) the business invoices the office for the funds; and

3. (3) Upon completion of an Economic Assistance Grant project:

   1. (a) the final delivery of funds shall be distributed as reimbursement for dollars spent by the business within the scope of the project; and

   2. (b) the remaining funds will be disbursed following submission and approval of:

      1. (i) an invoice up to the remaining balance of the award amount;

      2. (ii) a final report including:

         1. (A) a description of the completed project;
         2. (B) assurances that all monies paid to the business were used toward completion of the project as outlined in the contract;
         3. (C) how the project's key activities and commitments were accomplished;
         4. (D) the project's success meeting the deliverables and performance measures described in the contract; and
         5. (E) any other information requested by the office.

KEY: Economic Assistance Grant, EAG, economic development

Date of Last Change: September 24, 2024

Authorizing, and Implemented or Interpreted Law: 63N-3-10