Estimated Maximum Total Facilities Grant definition

Estimated Maximum Total Facilities Grant is calculated by applying the reimbursement rate to the “Estimated Basis of Total Facilities Grant”. It does not include any grant funds for potentially eligible Owner’s or Construction Contingency Expenditures and is subject to MSBA review and audit.

Estimated Maximum Total Facilities Grant means the estimated Total Facilities Grant amount, as set forth in the Total Project Budget (“Exhibit A’), which amount does not include reimbursement amounts for any potentially eligible costs within the owner’s contingency and construction contingency line items in the Total Project Budget (“Exhibit A”). The actual Total Facilities Grant for the Project may be an amount less than the Estimated Maximum Total Facilities Grant pursuant to the Authority’s regulations, policies, and guidelines and the provisions of this Agreement.

Estimated Maximum Total Facilities Grant means the estimated Total Facilities Grant amount for each of the four school projects described herein, as set forth in the Total Project Budget (“Exhibit A”), which amount does not include reimbursement amounts for any potentially eligible costs within the owner’s contingency and construction contingency line items in the Total Project Budget (“Exhibit A”). The actual Total Facilities Grant for each of the four school projects described herein may be an amount less than the Estimated Maximum Total Facilities Grant pursuant to the Authority’s regulations, policies, and guidelines and the provisions of this Agreement.

Examples of Estimated Maximum Total Facilities Grant in a sentence

• The Parties hereby acknowledge and agree that, in the event that the lowest, responsible bid or the Guaranteed Maximum Price accepted by the District for the construction of the Proposed Project is lower than the corresponding amount set forth in Exhibit A, the Authority shall reduce the Estimated Maximum Total Facilities Grant and the Maximum Total Facilities Grant amount set forth in Section 3.1 of this Agreement and in Exhibit A accordingly.

• The Parties hereby further acknowledge and agree that, in the event that the lowest, responsible bid or Guaranteed Maximum Price accepted by the District for the construction of the Proposed Project exceeds the corresponding amount set forth in Exhibit A, the Authority shall not make any adjustments to its Estimated Maximum Total Facilities Grant or Maximum Total Facilities Grant on account of the bid, and the increased costs shall be the sole responsibility of the District.

• The Reimbursement Rate, Estimated Maximum Total Facilities Grant, and Maximum Total Facilities Grant set forth above and in Exhibit A shall be subject to a decrease, as provided in Section 3.2 of this Agreement, if the Authority determines, in its sole discretion, that the District is ineligible to receive any portion of the incentive reimbursement points that have been provisionally assigned, as described herein, or such other incentive reimbursement points that may be assigned by the Authority.

• MSBA staff recommends an Estimated Maximum Total Facilities Grant of $346,762; however, the District may be eligible for up to an additional $13,991 in grant funds, subject to the MSBA’s review and audit of the District’s Owner’s and Construction Contingency Expenditures.

• MSBA staff recommends a combined Estimated Maximum Total Facilities Grant of $7,380,870; however, the District may be eligible for up to an additional $329,353 in grant funds, subject to the MSBA’s review and audit of the District’s Owner’s and Construction Contingency Expenditures.

• MSBA staff recommends a combined Estimated Maximum Total Facilities Grant of $6,740,016; however, the District may be eligible for up to an additional $288,538 in grant funds, subject to the MSBA’s review and audit of the District’s Owner’s and Construction Contingency Expenditures.

More Definitions of Estimated Maximum Total Facilities Grant

Estimated Maximum Total Facilities Grant is calculated by applying the reimbursement rate to the “Estimated Basis of Total Facilities Grant”. It does not include any grant funds for potentially eligible Owner’s or Construction Contingency Expenditures and is subject to MSBA review and audit. 4Includes eligible and ineligible Owner’s and Construction Contingency. 5The “Potential Additional Grant Funds for Eligible Owner’s and Construction Contingency Expenditures” is calculated by applying the reimbursement rate to the “Potentially Eligible Owner’s and Construction Contingencies.” 6Includes maximum possible Owner’s and Construction Contingency grant funds, the final amount of which, if any, shall be determined by the MSBA in accordance with its policies for the determination of eligibility. The MSBA does not anticipate that the District will expend all of its contingency funds on expenses that are eligible for MSBA reimbursement.