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Page 1 of �_� <br /> PART I <br /> NOTICE OF GRANT AWARD <br /> This Development Corporation Grant Agreement ("Agreement") is made by and <br /> between the Illinois Department of Commerce and Community Affairs (the <br /> "Department") and the City of Decatur (the "Grantee") . <br />' The following recitals form a material part of this Agreement. <br /> WHEREAS, pursuant to the provisions of the Technology Advancement and <br /> Development Act (the "Act") (Ill . Rev. Stat. ch. 127, par. 3701-1 et seq. , <br /> P.A. 86-870) , the Illinois Department of Commerce and Community Affairs is <br /> empowered to provide qualified Development Corporation investments, loans, or <br /> grants to qualified applicants; <br /> WHEREAS, the Department' s financial assistance to development credit <br /> corporations, finarcial intermediaries or other entities whose purpose <br /> includes financing, promoting or encouraging commercialization, adoption or <br /> im lementation of advanced technolo ies rocesses or products, will permit <br /> p <br /> 9 � P <br /> Illinois firms to compete more successfully in world markets and insure <br /> � <br /> i n and <br />'i <br /> Illinois economic vitality and competit ve ess; <br /> WHEREAS, the Grantee has satisfied all conditions precedent to an award of a <br /> Development Corporation grant; <br /> NOW, THEREFORE, the Department is hereby making available to the Grantee <br /> a Development Corporation grant in the amount of $100,000 (this amount is <br /> hereinafter referred to as the "Grant Award") . The Grantee hereby agrees to <br /> use the funds provided under this Agreement for the purposes set forth herein <br /> and agrees to comply with all terms of this Agreement. <br /> This Agreement includes the following sections, all of which are incorporated <br /> into and made a part hereof: <br /> Part I Notice of Grant Award <br /> Part II Definitions <br /> Part III Method of Compensation, Financial Control Requirements <br /> Part IV Audits, Inspections, Monitoring <br /> Part V Modification, Suspension, Termination or Waiver of Grant <br /> Part VI Additional Terms and Conditions Governing the Grant <br /> Part UII Funds Management <br /> Part VIII Assurances <br /> Part IX Required Reports <br /> Part X Budget <br /> Part XI Scope of Work <br /> Part XII Financial Assistance Standards <br /> - 1 - <br />