Rule 164-1-40 | Project schedule.
An application to fund a project shall provide for a schedule for construction to begin within one year of release of the project agreement. At the discretion of the director, a project may be funded that will commence in the following state fiscal year, if the circumstances relating to the project present a reasonable need to enter into a project agreement in the current fiscal year. Projects funded by the commission must commence construction in the fiscal year set forth in the project agreement. If a project does not commence in the fiscal year set forth in the project agreement, funding for the project shall be terminated. At the discretion of the director, a project that did not commence in the fiscal year set forth in the project agreement may be funded if the reason the project did not commence was due to extenuating and unforeseeable circumstances beyond the control of the applicant.
Project delays, with reason for the delay(s), must be communicated to the commission in writing as soon as possible. Written requests for an extension will be considered if the project can be completed within a reasonable time frame. Failure to meet the schedule without approval for an extension may cause the project agreement to become null and void at the sole discretion of the director.
Last updated February 15, 2024 at 2:23 PM
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