The agreement to these conditions is required to receive disbursement of grant funds through the City of Peoria Technology Industry Grant Program. Failure to comply with these conditions may result in grant funds being withheld or reclaimed.
The recipient business and its owners must be current on all City of Peoria taxes, fees, and other monies owed to the City. Grant funds will not be awarded until all taxes, fees, and other monies are paid in full.
No financial assistance will be provided if the Project involves the permanent and involuntary displacement of tenants unless the Recipient agrees to provide financial assistance to the tenants at levels consistent with the Federal Relocation and Real Property Acquisition Act, as amended.
The City takes no responsibility as to the tax consequences of funds disbursed or forgiven pursuant to this Program. It is the sole responsibility of Recipient to determine consequences for receipt and/or subsequent forgiveness of these funds pursuant to the Internal Revenue Code or Illinois Revenue Code as currently in force or as periodically amended. The City expressly reserve the right to reject the reimbursement if it deems in its sole and exclusive discretion that Recipient or the Project is not compliant with the documents and Program plans by which the Project was originally approved.