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G. Determinations of Condition of Slum and Blight - The agency will submit: <br />(1) An attorney's opinion that an area designated as slum or blighted forthe purpose of qualifying <br />a CDBG activity meets the State or local definition of same; <br />(2) The boundary of the area so designated; <br />(3) A list of the conditions the CDBG-funded activity is intended to address. In the event that a <br />single property is designated as blighted, the community must submit a certified building <br />inspector's report on the conditions leading to that determination. <br />H. Economic Development - The agency will maintain copies of financial statements that indicate the <br />historical and projected income of a company approved for CDBG assistance. Those records will <br />include three years of profit and loss statements, balance statements and projected income <br />statements. The agency will also keep records indicating the amount and terms of assistance provided <br />together with an explanation of how the assistance provided meets the "necessary and appropriate" <br />requirements communicated in the June 2, 1987 Stokvis memorandum. <br />Such other records as may be required by the County and/or HUD. <br />RETENTION OF RECORDS <br />Records documenting this CDBG funded project shall be retained by the Agency for five (5) years after <br />completion with all HUD requirements, except as follows: (1) Records that are the subject of audit findings <br />shall be retained for five (5) years after such findings have been resolved. (2) Records for nonexpendable <br />property shall be retained for five (5) years after its final disposition. Nonexpendable property is defined in <br />the U.S. Office of Management and Budget Circular No. A-102 or A-110 as appropriate. <br />REPORTS <br />The Agency shall submit such reports as required by the County on a monthly and annual basis and also <br />prior to project execution. <br />-14- <br />56 <br />