N.J. Admin. Code § 7:36-24.3
Current through Register Vol. 56, No. 21, November 4, 2024
Section 7:36-24.3 - Supplemental funding(a) A nonprofit may request, in writing, supplemental funding if: 1. The nonprofit has solicited bids on the project at least two times, and the bid selected or the negotiated contract amount for the project's construction, plus the other allowable project costs listed at 7:36-21.6, exceed the funding amount awarded under 7:36-23.3(b) plus the nonprofit's matching share of the allowable project costs;2. The nonprofit incurs contract cost overruns and has submitted to Green Acres a copy of the change order(s) for the cost overruns under 7:36-24.4(c); or3. The amount of the Green Acres funding award approved by the Garden State Preservation Trust in 7:36-23.3 plus the nonprofit's matching share of the development project is less than the estimated cost of the development project submitted with the application in 7:36-22.4.(b) Provided sufficient funds are available, Green Acres shall increase the amount of funding for a project in response to a request submitted under (a) above.(c) Any supplemental funding provided under this section is subject to legislative appropriation.(d) The Department and the nonprofit shall execute an amendment to the project agreement in accordance with 7:36-24.1 to reflect any supplemental funding provided under this section. N.J. Admin. Code § 7:36-24.3