Determination of the amount of funding for development grants and/or loans (Repealed)

(a) The maximum amount of funds for a development grant or loan or combination thereof for which a municipality may be eligible is fifty percent of the net project cost. The net project cost is the total project cost less the estimated income from the project and other State grants and federal capital grants. Eligible project costs are costs directly related to and necessary for the infrastructure development economic assistance project including: (1) real estate acquisition and disposition; (2) clearance and development activities; (3) project inspection fees; (4) planning, engineering design and project administration to the extent permitted under Subsection (6) of Section 2 of the Act; (5) interest costs for temporary and definitive financing for a period not to exceed five years on a principal amount not to exceed the required matching local share, but excluding interest costs related to any loan specified under Section 6 of these Regulations. (6) relocation as required by Chapter 135 of the Connecticut General Statutes; and (7) to the extent approved by the Commissioner, project plan preparation, if such costs have already been paid or reimbursed by the municipality. The purchase of vehicles and interim and final audits are not eligible costs. Interim audits are required every two years through the duration of the development project. (b) The project income includes monies or the value of goods and services received from: (1) the sale or lease of land; (2) the temporary use of land, residence or businesses prior to their dispositions; (3) the sale or lease of sand, gravel, or other earthen or salvage materials; (4) the sale or lease of buildings, machinery, equipment or other materials of value, occupying land areas within the project area; and (5) interest income realized from the investment of project monies.