Laserfiche WebLink
<br /> tenants. Such in-kind services may include, but are not limited to rent, <br /> legal and accounting services, management consulting and counseling, and <br /> administrative services. <br /> Section 4. <br /> Subsections 22.A, 22.C.1, 22.C.3, 22.G, 22.1, 22.J, 22.K, 22.L, and 22.T are revised to <br /> read as follows: <br /> A. Department shall not release any funds for any costs incurred by <br /> Contractor under this contract until Department receives certification from <br /> Contractor that its fiscal control and fund accounting procedures are <br /> adequate to assure proper disbursal of and accounting for funds provided <br /> under this contract and/or Department receives a copy of Contractor's <br /> single audit report from the previous fiscal year dated within eighteen (18) <br /> months prior to the initial release of Department funds. Department shall <br /> specify the content and form of such certification and audit report. <br /> C.!. Contractor shall maintain an ownership interest in the real estate <br /> described in subsection 22.H of sixty-seven percent (67%) based on the <br /> amount of four hundred one thousand six hundred sixty-eight and no/1 00 <br /> dollars ($401,668.00) for a four year period beginning with the <br /> commencement date of this contract identified in Section 2. Sponsor shall <br /> maintain an ownership interest of thirty-three percent (33%) for the same <br /> period. At the end of four years or upon written approval of the <br /> Department, Contractor may grant or sell its ownership in the real estate to <br /> the Sponsor. Any funds received in such transaction is program income; <br /> C.3. Contractor shall ensure that the Sponsor operates the real estate <br /> described in subsection 22.H. as a small business incubator for at least <br /> four years beginning with the commencement date of this contract as <br /> identified in Section 2; <br /> G. Contractor shall provide Department documentation of San Marcos <br /> Industrial Foundation's cash injection of one hundred eleven thousand and <br /> no/100 dollars ($111,000.00). <br /> I. Contractor shall ensure that the real estate described in subsection <br /> 22.H. is operated as a small business incubator for at least four years, <br /> beginning with the commencement date of this contract. If, after <br /> operations begin, the operation of the real estate as an incubator ceases for <br /> a continuous period of 30 days or more, during this four year period, but <br /> the slum and blight identified in this contract has been eliminated, then a <br /> prorated portion of any proceeds from the sale or lease of the real estate <br />