Reso 2021-173 Accept Grant Funds for Redevelopment of Memorial Park 1105 Bancroft

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CONSTRUCTION ADVANCE Payment Type When to Request Documents to Send to PROJECT OFFICER ADVANCE(S) up After the GRANT • Payment Request Form to 50% of CONTRACT has • ADVANCE justification (see below) PROJECT amount been ENCUMBERED, • Copy of signed construction contract and a notice and construction to proceed or IN-HOUSE EMPLOYEE SERVICES labor will commence schedule. during the next six months Advance Justification An ADVANCE justification is required for an ADVANCE. It must provide the following information: • Why an ADVANCE is needed instead of a reimbursement. • A payment schedule, with a month -by -month estimate, for up to six months, showing the anticipated amount needed, and to whom the funds will be paid (IN-HOUSE EMPLOYEE or name of contractor). • A funding plan, indicating how the GRANTEE intends to fund the percentage of the PROJECT exceeding the 50% advance limit. • A statement indicating the GRANTEE will put the funds into a separate, interest bearing account. OGALS may not approve the total amount of the requested ADVANCE payment if the requested funds will not be spent within six months from the date that the payment request is submitted by the GRANTEE. Clearing the Advance ADVANCES must be cleared with six months of receipt. An ADVANCE is cleared by submitting: A Grant Expenditure Form documenting expenditures on eligible costs equal to the ADVANCE amount plus any earned interest. 2. Photos of any construction completed with the ADVANCE funds (for construction ADVANCES). Acquisition Advance Payment Type When to Request Documents to Send ADVANCES Up to 100% of After the contract is See following instructions the acquisition amount. encumbered and escrow 1. Escrow letter is open 2. Title report cover page 3. Payment request form The following items are required to request an ADVANCE payment into escrow: 32