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2.2 Proiect Description <br />The Project Sponsor plans to use the grant for HVAC and plumbing replacement at the <br />facility. The construction project will be known herein as the Cultural Project for the <br />purposes of this agreement. This project supports culture though the presentation of the <br />visual and other arts. <br />3. Financial Considerations <br />3.1 Grant Amount <br />The 135t' General Assembly of the State of Ohio (General Assembly) in H.B. 2 <br />designated $100,000 of the funds appropriated in ALI C230FM North Olmsted Old <br />Town Hall to the Commission to finance all or a portion of the capital facilities costs <br />associated with the Cultural Project. The Commission agrees to provide a grant of <br />$100,000 (Grant Amount) to the Project Sponsor. <br />3.2 Appropriation Intent <br />The funds under this Agreement shall be used by the Project Sponsor for capital <br />improvements that meet the intent and purpose of the appropriation and the limitations <br />on use set forth in the bill appropriating the funds. To the extent such costs exceed the <br />funds appropriated, the Project Sponsor will be required to pay the difference. <br />Additionally, the funds shall be used only for construction, as defined in ORC Section <br />123.28(K). <br />3.3 Fiscal Management of Proiect <br />The Project Sponsor is responsible for the financial management of the Cultural Project. <br />The Project Sponsor will comply with, or cause compliance with, all appropriate <br />accounting and budgeting procedures in accordance with generally accepted <br />accounting principles, consistently applied. <br />3.4 Proiect Budget <br />The total cost of the project described above is estimated to be $227,500 (Project <br />Budget), including but not limited to design, construction, land acquisition, <br />environmental assessment and remediation, exhibits, furniture, fixtures, equipment, <br />construction management and other professional service fees, legal fees, marketing, <br />start-up operations, operating endowments, utilities and other start-up costs, insurance, <br />performance or payment bonds, taxes, and permits. <br />3.5 Local Match <br />In accordance with ORC Section 123.281 (13)(2), the Project Sponsor shall have local <br />contributions amounting to not less than fifty (50) percent of the Grant Amount for the <br />Cultural Project (Local Match). <br />3.6 Local Share <br />The Local Share shall be an amount equal to the total costs of the Project Budget less <br />the Grant Amount. <br />Page 3 of 15 <br />