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<br /> '. <br /> 2-(pC( <br /> -18- <br /> G. The Foundation may be released from its obligations under this <br /> contract with the approval of the city and the Department. <br /> H. The Foundation will provide the city with a copy of its <br /> executed loan agreement in the amount of $25,000 with state Bank <br /> and Trust Company. <br /> I. The Foundation will provide the City with a written <br /> verification of deposit of $86,000 in cash available towards <br /> construction costs for the rehabilitation of the Project site. <br /> J. The Foundation will expend its $25,000 in loan proceeds and <br /> $86,000 in cash towards the construction costs prior to the release <br /> to the city of construction funds by the Department. <br /> K. Foundation agrees to provide city with the Foundation's <br /> ~ <br /> Balance Sheet and Income statement to include the Incubator <br /> activity prepared by an independent party (due 60 days after the <br /> fiscal year end) on an annual basis, and a copy of the Foundation's <br /> annual income tax return, within 90 days after the required filing <br /> deadline date or extension date of the Foundation during the <br /> contract period. If there is program income at the end of the <br /> fiscal year, the remaining balance (net income) pro-rated based on <br /> amount of funds contributed to the Project by Foundation and the <br /> amount provided by Department as stated in Exhibit B, the Budget, <br /> must be documented to be used for (1) a maximum of three months of <br /> ongoing Incubator operations; (2) capital expenditures to benefit <br /> Incubator tenants; and (3) maintenance of the Project site. <br /> Foundation and city agree that any remaining program incom~ will be <br /> returned to Department. <br /> L. The Foundation will provide city with documentation of the <br /> following contributions to the Incubator no later than 30 days <br /> after the end of the period of the Grant Contract. <br />