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OCEDbiga June 2016 <br /> <br />Subcommittee. The notice to the Subcommittee shall state why the applicant thinks the grant <br />should be approved. The application shall then be given further consideration by the <br />Subcommittee and its decision is final. <br />7.At its discretion, the Subcommittee may impose any additional terms to a grant request. The <br />Subcommittee may require an itemized budget detailing the proposed use of grant funds. <br />8.Applicants agree to utilize grant funds for their intended use. Each venture receiving a grant <br />must provide an accounting of how all funds were used, or will be used, and key milestones <br />reached by the venture within 180 days of the receipt of the grant. <br />9.As a condition of receiving grant funds, Small Grant recipients may be required tocommit to a <br />mentoring period as detailed above (CONDITIONS OF RECEIVING A GRANT)unless waived <br />by the Grant Subcommittee. <br />10.If an applicant fails to complete items #8 and #9in a timely manner, the County has the right to <br />require all grant funds back from the applicant, and may initiate legal proceedings against the <br />applicant. <br />11.The Subcommittee shall provide annual reports to the Economic Development Department and <br />the BOCC of the number of grants requested, approved and denied, and a 2-3 page written <br />analysis of the program’s success metrics to date. <br />12.Documents, including but not limited to financial statements, business plans, customer and <br />supplier lists, description of inventory or assets, contractual obligations and existing liabilities, <br />submitted during the application process shall be treated as confidential information. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />DocuSign Envelope ID: 3B85AE34-E02B-435C-9E69-33967B88035E