Property Redevelopment. In the event that Financing Proceeds remain after OBDD has applied them to fully pay off the outstanding principal balance of the Loan, OBDD will transfer all remaining Financing Proceeds to Recipient in one disbursement for the sole purpose of redeveloping the Property (the “Redevelopment Proceeds”). The Recipient may further transfer the Redevelopment Proceeds to a party that will redevelop the Property (the “Subrecipient”); provided, however, that Recipient shall do so by a written subgrant agreement that OBDD approves before execution by the Subrecipient. Any such agreement must provide, at the minimum, that Recipient will disburse proceeds (i) on a costs-incurred or reimbursement basis upon receipt of a written disbursement request accompanied by evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as Recipient may require; (ii) upon Recipient’s satisfaction that all items listed in the disbursement request are reasonable and that the costs for labor and materials were incurred and are properly included in the Costs of the Project; and (iii) upon Recipient’s determination that the disbursement is only for eligible costs under the Act. Eligible costs are limited to:
Property Redevelopment. Pursuant to the State Grant, if funds remain after all necessary expenses for environmental remediation of the Property have been paid in full, the remaining State Grant funds will be delivered to Recipient in one disbursement for the purpose of paying the eligible costs of Subrecipient’s redevelopment of the Property. Subrecipient shall provide Recipient with all documentation required under the State Grant to substantiate the eligible redevelopment expenditures of Subrecipient. Subrecipient may receive funds: (i) on a costs-incurred or reimbursement basis upon receipt of a written disbursement request accompanied by evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as Recipient may require; (ii) upon Recipient’s satisfaction that all items listed in the disbursement request are reasonable and that the costs for labor and materials were incurred and are properly included in the Costs of the Project; and (iii) upon Recipient’s determination that the disbursement is only for eligible costs under the Act. Eligible costs are limited to:(i) Acquisition of land, or a legal interest in land, or existing structures, or legal interests in structures; (ii) Site grading or preparation or development (landscaping, paving, lighting); (iii) Acquisition and installation of machinery or equipment such as HVAC equipment, fixtures or materials that will become an integral part of a structure; (iv) Activities related to the foregoing, including planning, design, authorizing, issuing, carrying or repaying interim or permanent financing, research, land use and environmental impact studies, acquisition of permits or licenses or other services connected with construction or renovation; or (v) Machinery or equipment owned or used by any occupant of the Property for operational purposes.
Property Redevelopment. (Major Modifications)-If a property owner wishes to redevelop property or make any renovations that will change the existing character or use of a building, structure, or site within the Plan area (including substantial remodeling, conversion, rebuilding, enlargement, extension, or major structural improvement of property, but not including ordinary maintenance or remodeling or changes necessary to continue occupancy):
