R 125.153 Authorization of development fund grants in the amount of $350,000.00 or more.

Rule 153. (1) For applications for development fund grants in the amount of $350,000.00 or more, the authority shall review each analysis and recommendation presented and, if it determines that the application meets the requirements of the act and these rules and is consistent with the authority's evaluation factors, by resolution, it may authorize a development fund grant to the applicant in an amount not to exceed the net costs to the applicant of the planned activities. (2) The resolution of the authority must include all of the following determinations by the authority: (a) The applicant is authorized by the act to receive a development fund grant. (b) The applicant will use grant funds in planning for or implementing any activities allowed in the act. (c) The applicant is reasonably expected to successfully implement the proposal. (d) The application satisfies the evaluation factors and criteria adopted by the authority. (3) The resolution may include conditions that the authority considers appropriate with respect to the use and disbursement of the development fund grant. The authority may require repayment of these grants.