2026-01-26-minutes-ec-study-session

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Docusign Envelope ID: 1OBC9C18-B2D4-4ECE-8COA-D7C9B69F3F42 ii. Cash dedicated to the Project. iii. Funds available through a letter of credit or other binding loan commitment(s). iv. Pledges from foundations or corporations. v. Pledges from individual donors. vi. The value of real property when acquired solely for the purposes of this Project, as established and evidenced by a current market value appraisal performed by a licensed, professional real estate appraiser, or a current property tax statement. COMMERCE will not consider appraisals for prospective values of such property for the purposes of calculating the amount of non -state matching fund credit. vii. In -kind contributions, subject to COMMERCE's approval. B. The GRANTEE shall maintain records sufficient to evidence that it has access to or has expended funds from such non -state sources and shall make such records available for COMMERCE's review upon reasonable request. 4. STATE PUBLIC WORKS For work done at the cost of the State, GRANTEE must comply with public works statutes RCW 39.04 and RCW 39.10, apprenticeship requirements, and the state and local building codes, as applicable. If GRANTEE has questions about compliance, GRANTEE will need to visit the Washington State Department of Labor & Industries Public Works Projects website for more information. 5. SITE CONTROL GRANTEE who receives grants for construction, purchase or renovation of facilities must provide written evidence of and maintain site control, either through outright ownership of the subject property or a long-term lease, for a minimum of 10 years after the later of: (1) final grant payment; or (2) the date when the facility is made usable to the public for the purpose intended by the Washington State Legislature, including GRANTEE having secured all required licenses, certifications, and/or permits. GRANTEE must provide written evidence of continuing site control as may be requested by COMMERCE. 6. DOCUMENTATION AND SECURITY The provisions of this Section shall apply to capital projects performed by nonprofit organizations, for - profit organizations, and public benefit corporations that involve the expenditure of over $250,000 in state funds. The provisions may also apply to Tribes and local governments, depending on the location of the Project. Additionally, COMMERCE reserves the right to review all state -funded projects and to require that projects performed by other entity types comply with this Section. Projects for which the grant award or legislative intent documents specify that the state funding is to be used for pre -design or design only are exempt from this Section. A. Deed of Trust. This Grant Agreement shall be evidenced by a promissory note and secured by a deed of trust or other appropriate security instrument in favor of COMMERCE (the Deed of Trust). The Deed of Trust shall be recorded in the County where the Project is located, and the original returned to COMMERCE after recordation within 90 calendar days of Grant Agreement execution. The Deed of Trust must be recorded before COMMERCE will reimburse the GRANTEE for any Project costs. The amount secured by the Deed of Trust shall be the amount of the Grant Agreement as set forth on the Face Sheet. B. Term of Deed of Trust; Commitment Period The Deed of Trust shall remain in full force and effect for a minimum period of 10 years following the later of: (1) final payment of state funds to the GRANTEE under this Grant Agreement; or (2) the date when: N.