TERMS:
Disbursement Procedure: When the Grantee is ready to complete acquisition of the property or properties and escrow is open, the Grantee shall request disbursement of the Grant Funds by submitting the following to their Project Officer:
- Payment Request Form - the escrow company's name and address should be entered into section 7. "Send Payment To" box.
- STD. 204 Payee Data Record - with the escrow company's information
- Letter of request signed by the authorized representative that contains the following:
A. Grantee’s name, address and contract number and the funds requested,
up to 100% of the grant amount.
B. Name, address and telephone number of the title company or escrow
holder, and the escrow account number to which the Grant Funds will
be disbursed.
C. A statement by the Grantee that all funds (exclusive of the Grant Funds
to be provided under this Agreement) needed for the completion of the
acquisition of the property or properties have been secured and have
been or will be deposited to escrow at or about the same date as the
requested Grant Funds. In making this statement, Grantee shall be
entitled to reasonably rely on the representations of Landowner.
Upon receipt of the completed letter, Payment Request Form, and STD.204, DPR will promptly [estimated to be forty-five (45) working days from the date the request is received] disburse the funds into the designated escrow account.
More information on acquisition rules and required preliminary documentation can be found on the Grant Administration Resources webpage: Grant Funded Acquisition Project Instructions.