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<br />"I <br /> <br />8 <br /> <br />. <br /> <br />. <br /> <br />~. , <br /> <br />acquired and conveyed to the redeveloper, the deposit will be <br />recognized as revenue. The cost of the land to the Agency could <br />significantly exceed the above indicated purchase price. <br /> <br />NOTE 4 - GRANT AWARD: <br /> <br />Effective June l, 1976 the Agency was awarded a technical as- <br />sistance grant of $60,000 under Title III, Section 30l(a) of the <br />Public Works and Economic Development Act of 1965, as amended, for <br />a feasibility analysis of a proposed urban improvement program. <br />At June 30, 1977 revenue earned under the terms of the grant <br />amounted to $54,813 leaving a balance of unearned grant funds of <br />$5,187. In addition, under the terms of the grant, the Agency was <br />obligated to incur in-kind expenditures of $20,000 related to the <br />feasibility analysis. <br /> <br />A-8 <br />