Agmt 2001 Stepping Stones Growth Center

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c. When the real property is no longer needed as provided in a. and b., above, Contractor shall return all real property furnished or purchased wholly with Federal grant funds to the control of the City. In the case of property purchased in part with Federal grant funds, Contractor maybe permitted to take title to the Federal interest therein upon compensating the Federal Government for its fair share of the property. The Federal share of the property shall be the amount computed by applying the percentage of the Federal participation in the total cost of the grant program for which the property was acquired to the current fair market value of the property. 4. Standards and procedures governing ownership, use, and disposition of nonexpendable personal property furnished by the Federal Government or acquired with Federal funds are set forth below: a. Nonexpendable personal propertyacquired with Federal funds. When nonexpendable personal property is acquired by a grantee wholly or in part with Federal funds, title will not be taken by the Federal Government except as provided in paragraph 4(a)(4), but shall be vested in the grantee subject to the following restrictions on use and disposition of the property. (1) Contractor shall retain the property acquired with Federal funds in the grant program as long as there is a need for the property to accomplish the purpose of the grant program whether or not the program continues to be supported by federal funds. When there is no longer a need for the property to accomplish the purpose of the grant program, the grantee shall use the property in connection with other Federal grants it has received in the following order of priority. (a) Other grants of the same Federal grantor agency needing the property. (b) Grants of other Federal agencies needing the property. (2) When Contractor no longer has need for the property in any of its Federal grant programs, the property maybe used for its own official activities in accordance with the following standards: (a) Nonexpendable property with an acquisition cost of less than $500 and used four years or more. Contractor may use the property for its own official activities without reimbursement to the City or sell the property and retain the proceeds. (b) All other nonexpendable property. Contractor may retain the property for its own use provided that a fair compensation is made to the City for the Tatter's share of the property. The amount of compensation shall be G:\DS\HOPE\Stepping Stones CIP Agreement (CDGB),FY 2001-2002.doc ~~