Section 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.  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.