2003-09-08 Regular Meeting, Public Hearing and Workshop Meeting

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e e Part II - Offer of Financial Assistance 1. The allowable costs of the project shall not include any costs determined by the State to be ineligible for consideration as to allowability under Title 49 U.S.C., the V.T.e.A. Transportation Code, Title 3, Chapters 21-22, et seq., (Vernon and Vernon Supp), and the Airport Zoning Act, Tex. Loc. Govt. Code Ann. ~~ 241.001 et seq. (Vernon. and Vernon Supp ). 2. It is estimated that total project costs will be approximately $500,000 (Amount A). It is further estimated that approximately $500,000 (Amount B) of the project costs will be eligible for federal financial assistance, and that federal financial assistance will be for ninety percent (90%) of the eligible project costs. Final determination of federal eligibility oftotal project costs will be determined by the State in accordance with federal guidelines fol~owing completion of project. 3. The maximum obligation of the United States payable under this offer shall be $450,000 (Amount C). This grant should not be construed as block grant funds for the Sponsor, but as a grant for funding of the scope items as listed on page one of this agreement. It is the intent of the State to provide funding to complete the approyed work items of this grant and not to amend the scope of ~<?rk to include items outside of the current determined needs of this project. Scope of work may.be amended as necessary to ful~ll the unforeseen needs of this specific development project within the .spirit of the.. approved scope, subject to .the . ayailability of state, federal, and/or local funds. 4. It is estimated that the Sponsor's share of the total project costs will be $50,000 (Amount D). The Sponsor specifically agrees that it shall pay any project costs, which exceed the sum of the federal share (Amount C). It is further agreed that the Sponsor will reimburse the State for any payment or payments made by the State in behalf of the Sponsor which are in excess of the federal percentage of financial participation as stated in Part 11-2. The State shall refund to the Sponsor, at the financial closure of the project, any excess funds proyided by the Sponsor. 5. If there is an.. pyerrun. in the :eligibl.e. project costs, ~e St~t~ :may not in~reasethe. grant. Any cost overruns will be 100% sponsor responsibility. Payment of the United States share of the allowable project costs will be made in accordance with the proyisions of such regulations and procedures as the State and the FAA, shall prescribe. Final determination of the United States share will be based upon the final audit of the total. amount of allowable project costs and settlement will be. made for any upward or downward adjustments to the Federal share of costs. 6. Sponsor's share of project costs (Amount D) shall be paid initially in cash when requested by the State. At project closeout, Sponsor will be reimbursed for any credited amounts Page 2 of 25