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Loan Agreement <br />San Leandro and Gitizens' Housing Corporation <br />Page 2 of 2 <br />c. When the real property is no longer needed as provided in a. and b., above, Developer <br />shall return all real property furnished or purchased wholly with Federal grant funds to the <br />control of the City. In the case of property purchased in part with Federal grant funds, <br />Developer may be permitted to take title to the Federal interest therein upon compensating <br />the Federal- Government for its fair share of the property. The Federal share of the <br />property shall be the amount computed by applying the percentage of the Federal <br />participation in the total cost of the grant program for which the property was acquired to <br />the current fair market value of the property. <br />4. Standards and procedures governing ownership, use, and disposition of nonexpendable personal <br />property furnished by the Federal Government or acquired with Federal funds are set forth below: <br />a. Nonexpendable personal property acquired with Federal funds. When nonexpendable <br />personal property is acquired by a grantee wholly or in part with Federal funds, title will not <br />be taken by the Federal Government except as provided in paragraph 4(a)(4), but shall be <br />vested in the grantee subject to the following restrictions on use and disposition of the <br />property. <br />(1) Developer shall retain the property acquired with Federal funds in the grant <br />program as long as there is a need for the property to accomplish the purpose of <br />the grant program whether or not the program continues to be supported by <br />federal funds. When there is no longer a need for the property to accomplish the <br />purpose of the grant program, the grantee shall use the property in connection <br />with other Federal grants it has received in the following order of priority. <br />(a) Other grants of the same Federal grantor agency needing the property. <br />(b) Grants of other Federai agencies needing the property. <br />(2) When Developer no longer has need for the property in any of its Federal grant <br />programs, the property may be used for its own official activities in accordance <br />with the following standards: <br />(a) Nonexpendable property with an acquisition cost of less than $500 and <br />used four nears or more. Developer may use the property for its awn <br />official activities without reimbursement to the City or sell the property and <br />retain the proceeds. <br />(b) All other nonexpendable property. Developer may retain the property for <br />its own use provided that a fair compensation is made to the City for the <br />tatter's share of the property. The amount of compensation shall be <br />computed ~by applying the percentage of Federal participation in the grant <br />program to the current fair market value of the property. <br />(3} If Developer has no need for the property, disposition of the property shall be <br />made as follows: <br />2 <br />