Common use of Scope of Program Clause in Contracts

Scope of Program. B.1 Upon the effective date of this grant contract, the Recipient shall use the funds under this grant in accordance with the Housing Incentives Pilot Program (“▇▇▇▇”) Policies and Procedures submitted in the application and any of its amendments, which application is incorporated herein, as well as BL2016-342 and any of its amendments, and subject to the terms and conditions set forth herein. B.2 The Recipient, under this Grant Contract, will spend funds solely for the purposes set forth in its application or proposal for grant funding which is incorporated herein. Any change which would result in an increase of greater than ten (10) percent to the grant amount shall require the prior written approval of Metro which shall not be unreasonably withheld. B.3 For the Conversion Units, any change which would increase the grant amount to greater than twenty (20) percent of the real property ad valorem tax assessment of the entire property for the calendar year for which the grant is applicable (the “Conversion Rate”) shall require approval from Metro Council. All other changes which would result in an amount less than twenty (20) percent of the Conversion Rate may be approved by the Metro Director of Finance, after written request from Recipient. B.4 For New Construction Units, any change which would increase the grant amount to greater than fifty (50) percent of the difference between the annual post-development and pre-development real property ad valorem tax assessment of the entire property for the calendar year for which an incentive grant is applicable (the “New Construction Rate”) shall require approval from Metro Council. All other changes which would result in an amount less than fifty (50) percent of the New Construction Rate may be approved by the Metro Director of Finance, after written request from Recipient.