Initial Grant Disbursement Clause Samples

Initial Grant Disbursement. Upon receipt of the Initial Grant Disbursement Request from the Developer demonstrating that the Developer is in compliance with the Initial Grant Disbursement Prerequisite Requirements, the City agrees to pay a portion of the proceeds of the Grant to the Developer in an amount equal to $100,000 within thirty (30) days of receipt of such Initial Grant Disbursement Request or on July 1, 2023 whichever is later. In the event that the City determines that the Initial Grant Disbursement Request received from the Developer does not meet the requirements of Section A.2 above, the City shall notify the Developer within fifteen (15) days of such determination in order to allow an opportunity for the Developer to cure the noted deficiencies of such Initial Grant Disbursement Request.