NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

c) a Third Disbursement of an amount equal to 30% of the grant ($750,000) will be
disbursed upon documentation verifying disbursement of 100% of the first
advance and 75% of the second advance ($1,312,500 cumulative) and Grantee’s
compliance with program reports and requirements, including meeting expected
goals; and
d) a Fourth Disbursement of an amount equal to 10% of the grant ($250,000) will be
disbursed upon documentation verifying disbursement of 100% of the first and
second advances and 75% of the third advance ($2,062,500 cumulative) and
Grantee’s compliance with program reports and requirements, including meeting
expected goals.
Payment will be made upon presentation to ESD of an invoice and such other
documentation as ESD may reasonably require. Expenses reimbursed by ESD’s grant
must be incurred on or after March 8, 2012 to be considered eligible project costs. All
disbursements must be requested by April 1, 2017. ESD will be entitled to recoup any
advanced funds that are not disbursed by Grantee in a timely fashion.
5. ESD must approve the Program’s grant/loan application, marketing material and deal
sourcing strategies, due diligence process, grant/loan approval guidelines,
underwriting policy and guidelines, portfolio management and monitoring processes,
and goals.
6. ESD, via the Southern Tier Regional Office, will approve all funding recommendations.
ESD funds should be allocated as grants and loans in a proportional share to the
Program’s other funding sources. No single investment of ESD funds may exceed
$250,000 without written consent of ESD, via the Southern Tier Regional Office. ESD
funds may not be subject to a higher risk compared with other Program funds.
7. ESD funds will be deposited in an account (the "Imprest Account”) at a bank mutually
acceptable to ESD (as set forth in writing by ESD) and the Grantee. Funds in the
Imprest Account, from the time of deposit and until disbursed from such account in
accordance with terms to be approved by the ESD Directors, will be invested in
accordance with ESD’s Investment Guidelines. ESD shall be provided with copies of all
account statements, and reports in accordance with reporting requirements. All
returns on ESD investments shall be kept in the same imprest account and shall be
used exclusively for subsequent Program loans and grants.
8. Grantee will report quarterly on investments and related Program activity. Such
reports will contain information on investments, current status, leveraged funds,
business revenue, job creation outcomes, and other items as determined by ESD.
Once the Grantee has provided documentation verifying disbursement of the entire
$2,500,000 in grant funds, the Grantee will report annually on investments and
related Program activity during the term of the bonds that will be issued to provide
the grant (term to be noted in final Grant Disbursement Agreement).
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