(A) This article is intended to ensure that Community Development Assistance Program (CDAP) grant funds repaid to the city are expended in accordance with relevant state and federal laws and regulations and in a manner which will maximize long-term returns to the city and its residents.
(B) The city agrees to ensure that administrative costs will not exceed 10% of the total recaptured funds, and that at least 51% of recaptured funds will be used to benefit low- and moderate-income persons.
(1993 Code, § 11-1-1) (Ord. 786, passed 2-20-1989)