2016-475-E Economic Dev - Quantworks, Inc. - Business Investment Grant Agreement

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DocuSign Envelope ID:9869FE04-E616-4197-8F91-615B920DBC72 PROCEDURES 1. Applicants will be referred to the Orange County Economic Development (Department)website where they will complete and submit their application. Applications (with required documents) should be submitted via: • email: edcmail @orangecountync.gov • mail/deliver: Orange County Economic Development 131 W. Margaret Lane, Suite 205 Hillsborough, NC 27278 1. If asked to appear before the Subcommittee, applicants will be provided interview dates and times no later than two weeks prior to the Subcommittee's next meeting date. 2. County staff will provide completed applications to the Subcommittee for their review no later than three weeks prior to its next scheduled meeting. 3. At its scheduled quarterly meeting, the Subcommittee will discuss the strengths and weaknesses of complete grant application(s) and decide whether or not to take action on the request, based on the information provided. 4. The Subcommittee shall approve, deny or request additional information from the applicant. They will submit determinations in writing to County staff. 5. The applicant will be informed in writing by County staff of the Subcommittee's decision to deny, grant, grant with condition, or seek more information. If the Subcommittee denies a grant request, it shall provide a copy of the score sheet(s)to the applicant. 6. 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. 7. 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. 8. 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, or will be used, and key milestones reached by the venture within 180 days of the receipt of the grant. 9. As a condition of receiving grant funds, Small Grant recipients must commit to a mentoring period as detailed above (CONDITIONS OF RECEIVING A GRANT) unless waived by the Grant Subcommittee. 10. 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.