Agenda - 01-27-2015 - 2 - Laserfiche WebLink

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11 Attachment B 7. Should the Subcommittee deny an application, the Subcommittee will not consider any applications from that applicant for at least six months. Should an applicant think that their application has been improperly denied, then the applicant may notify, in writing, the Subcommittee. The notice to the Subcommittee shall state why the applicant thinks the grant should be approved. The application shall then be given further consideration by the Subcommittee and its decision is final. 8. At its discretion, the Subcommittee may impose any additional terms to a grant request. The Subcommittee may require an itemized budget detailing the proposed use of grant funds. 9. Applicants agree to utilize grant funds for their intended use. Each venture receiving a grant must provide an accounting of how all funds were used and key milestones reached by the venture within 180 days of the receipt of the grant. 10. As a condition of receiving grant funds, all recipients must commit to a six -month mentoring period with an experienced business coach or mentor at Launch Chapel Hill, 1789 Venture Lab, SCORE, SBTDC, or a mentor approved by the Subcommittee. 11. If an applicant fails to complete items #9 and #10 in a timely manner, the County has the right to require all grant funds back from the applicant, and may initiate legal proceedings against the applicant. 12. The Subcommittee shall provide annual reports to the Economic Development Department and the BOCC of the number of grants requested, approved and denied, and a 2 -3 page written analysis of the program's success metrics to date. 13. Documents, including but not limited to financial statements, business plans, customer and supplier lists, description of inventory or assets, contractual obligations and existing liabilities, submitted during the application process shall be treated as confidential information.