4.5. SR 07-09-2012 - Laserfiche WebLink

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Article VI DISBURSEMENT OF GRANT PROCEEDS Section 6.01 Draw Requisitions. Whenever the Public Entity desires a disbursement of a portion of the Program Grant, the Public Entity shall submit to DEED a Draw Requisition duly executed on behalf of the Public Entity or its designee. Each Draw Requisition with respect to construction items shall be limited to 50 percent of amounts equal to: (i) the total value of the classes of the work by percentage of completion as approved by the Public Entity and DEED, plus (ii) the value of materials and equipment not incorporated in the Project but delivered and suitably stored on or off the Real Property in a manner acceptable to DEED, less (iii) any applicable retainage. Notwithstanding anything herein to the contrary, no payments for materials stored on or off the Real Property will be made by DEED unless the Public Entity shall advise DEED, in writing, of its intention to so store materials prior to their delivery and DEED has not objected thereto. At the time of submission of each Draw Requisition, other than the final Draw Requisition, the Public Entity shall submit to DEED such supporting evidence as may be requested by DEED to substantiate all payments which are to be made out of the relevant Draw Requisition or to substantiate all payments then made with respect to the Project. At the time of submission of the final Draw Requisition which shall not be submitted before completion of the Project, including all landscape requirements and off-site utilities and streets needed for access to the Real Property and, if applicable, Facility and correction of material defects in worlananslup or materials (other than the completion of punch list items) as provided in the Construction Contract Documents, the Public Entity shall submit to DEED: (i) such supporting evidence as may be requested by DEED to substantiate all payments which are to be made out of the final Draw Requisition or to substantiate all payments then made with respect to the Project, and (ii) satisfactory evidence that all work requiring inspection by mulucipal or other governmental authorities having jurisdiction has been duly inspected and approved by such authorities, and that all requisite certificates of occupancy and other approvals have been issued. If on the date a payment is desired the Public Entity has complied with all requirements of this Agreement and DEED approves the relevant Draw Requisition and receives a current construction report from the li7specting Engineer recommending payment, then DEED shall disburse the amount of the requested payment to the Public Entity. Section 6.02 Additional Funds. If DEED shall at any time in good faith determine that the sum of the undisbursed amount of the Program Grant plus the amount of all other funds committed to the Project is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in com7ection with the Project, then DEED may send written notice thereof to the Public Entity specifying the amount which must be supplied in order to provide sufficient funds to complete the Project. The Public Entity agrees that it will, within 10 calendar days of receipt of any such notice, supply or have some other entity supply the amount of funds specified in DEED's notice. DEED Greater MN Business Development Public Infrastructure Program 21 Ver- 2/16/10 Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt)