Objective:
Use Commission dollars to attract non-Commission dollars (e.g., federal stimulus) to projects in Southside and Southwest Virginia.
Qualifications and Requirements:
- Commission invites applications from any eligible applicant, at any time until further notice.
- Applications are invited for any project consistent with the Commission’s Strategic Plan.
- Commission funding is contingent upon at least 50% funding from non-Commission resources.
- Proposals must request no more that the amount that is the specific precent of project costs required by the non-Commission funder(s) as match. For example, if the non-Commission funder requires a twenty percent match, that is the maximum amount that can be requested from the reserve Funds.
- If two or more non-Commission funders require percentage matches, the Reserve Fund request can be the combined total of all required matches, but in no case will the Commission provide more than fifty percent of a project's costs from the Reserve Fund.
- If the non-Commission funding source does not require a specific percentage match, the project is not eligible for the Reserve Fund and should be directed to one of the Commission's other existing grant programs.
- Commission intends to review and act on applications upon receipt (a) between Commission meetings, (b) electronically, (c) within guidelines, and (d) on a first-come, first-serve basis.
- Upon Commission approval, a commitment letter will be issued binding the Commission to fund the project upon receiving confirmation of non-Commission commitments.
- Non-Commission funding must be evidenced in writing to the Commission within six months of Commission commitment, otherwise the Commission commitment expires.
- Project must begin within 12 months of Commission commitment and must be completed within 3 years of Commission commitment date.
- Outstanding commitments shall be limited to available funds
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