§ 1053. Contracts for rural area revitalization projects. 1. The
corporation may, in the name of the state, enter into contracts with
qualified applicants for the performance of rural area revitalization
projects.

2. The corporation may enter into a contract pursuant to this section
only if he determines that:

(a) the region to be served is a portion of the rural area of the
state which is in need of revitalization and can benefit from a program
carried out by one or more locally based groups.

(b) the applicant organization, or any predecessor organization, has
had appropriate experience in community preservation activities; that it
has, or shows that it can acquire, the capability and expertise to
undertake successfully the proposed project; and that it is managed and
directed by persons representative of the region within which it
operates.

(c) the project or projects, alone or in combination with other
proposed activities of the applicant or others, will be likely to
contribute in a significant way towards the revitalization and general
community renewal of the region.

3. Each contract pursuant to this section shall provide for payment by
the corporation for the activities to be carried out pursuant to the
contract. Such payment shall be based on the projected costs of such
activities and the other sources of funding which may be available to
the applicant (including, if applicable, funding pursuant to article
seventeen of this chapter) from any source. Up to ten percent of the
program or project cost may be used for the qualified applicant's
operating expenses including expenses related to organization operating
support and administration of the contract. The total state payment
pursuant to any one contract shall not exceed two hundred thousand
dollars.

4. The contract shall provide for completion of the project within a
reasonable period, as specified therein, which shall not in any event
exceed two years from its commencement.

5. For any application for such a contract under this article, the
corporation shall provide the applicant with a list of conditions that
must be met prior to entering into a contract pursuant to this article.
Within fifteen working days of receipt by the corporation of all
documents in satisfaction of the list, the corporation shall notify the
applicant of the sufficiency or insufficiency of the documents. After
satisfaction by the applicant of all conditions required by the
corporation prior to entering into a contract the corporation shall
enter into the contract within forty-five working days of satisfaction
of such conditions.