7.1 HRSR 04-07-2014 - Laserfiche WebLink

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J. Progress Payments/Multiple Disbursements If the maximum assessment amount is $20,000 or greater, the property owner may request in writing that PACE OF MN make a progress payment prior to the completion of the work. Progress payments will be subject to a $150 onsite inspection fee per disbursement and interest will accrue on the entire assessment amount at the time of the first disbursement. Progress payment requests must be filed with PACE OF MN at least five business days before the end of the month for payment to be made on the first business day of the next month. The following conditions must also have been met before disbursement is made: 1) At least 75 percent of the required materials have been delivered to the property and have been reasonably secured as confirmed by an onsite inspection. PACE OF MN has the discretion to make its own determination with respect to whether this condition has been satisfied; and 2) The requested progress payment does not exceed 50 percent of the maximum assessment amount. K. Final Inspections & Disbursement of PACE OF MN Financing After Improvements are completed, the Property owner must contact the local permitting agency for a final inspection and final permit. The Property owner notifies PACE OF MN that all work has been completed and submits final documentation: final permit; invoices showing all costs, less rebate amounts and Request for Disbursement. Checks will be mailed at the beginning of each month, provided that final documentation has been filed with PACE OF MN five business days before the end of the month for processing. The amount disbursed will be the lesser of (i) the maximum assessment amount provided in the Assessment Contract or (ii) the actual costs, net of County costs listed on Request for Disbursement. Interest accrues as of the date of disbursement. 5 9835459v6