General Grant Terms

General Grant Terms. The program intent is to stimulate growth and economic development in the State. The maximum amount, which may be awarded to any one local sponsor, will be whichever amount of the following is less: $15,000 per job or a maximum of $500,000 total grant amount. A. DIP projects should include a benefitting business, committed to increasing net new permanent jobs at their facility in which the grant is assisting. The benefitting business will have four (4) years from the effective date to complete job creation and investment commitments. The benefitting business will be required to maintain the total employment for a period of twelve (12) months. B. DIP assistance per job must be $15,000 or less. The proposed activity must be associated with creating 10 or more net new jobs. C. All applicants are required to supply a minimum 10% match of the total DIP grant award amount to the project in the form of cash or in/kind contribution. D. The applicant and the benefitting business will be required to enter into a Memorandum of Agreement with each other. This agreement is utilized to outline the responsibilities and commitments of both parties and determine reimbursement if those commitments are not met. E. Program funds may not be used for working capital, general expenditures, which would normally be covered under an applicant’s general operation budget, or for administrative expenses. F. Projects where the applicant does not own the public property that is being improved with DIP funds must include an inter-local agreement between both parties along with approval from the Attorney General’s office.