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shall request disposition instructions from the City. The City shall determine <br />whether the property can be used to meet the City's or HUD's requirement. If no <br />requirement exists, the availability of the property shall be reported to the General <br />Services Administration (GSA) by HUD to determine whether a requirement for <br />the property exists in other Federal agencies. The City shall issue instructions to <br />Recipient within 120 days and the following procedures shall govern: <br />(i) If Recipient is instructed to ship the property elsewhere, Recipient shall <br />be reimbursed by the benefitting Federal agency with an amount which is <br />computed by applying the percentage of Recipient's participation in the <br />grant program to the current fair market value of the property, plus any <br />shipping or interim storage costs incurred. <br />(ii) If Recipient is instructed to otherwise dispose of the property, <br />Recipient shall be reimbursed by City for such costs incurred in its <br />disposition. <br />(iii) If disposition instructions are not issued within 120 days after <br />reporting, Recipient shall sell the property and reimburse City an amount <br />which is computed by applying the percentage of Federal participation in <br />the grant program to the sales proceeds. Further, the grantee shall be <br />permitted to retain $1000 or 10 percent of the proceeds, whichever is <br />greater, for the grantee's selling and handling expenses. <br />(4) Where the City determines that property with an acquisition costs of $1,000 or <br />more and financed solely with Federal funds is unique, difficult, or costly to <br />replace, it may reserve title to such property, subject to the following provisions: <br />(a) The property shall be appropriately identified in the grant agreement or <br />otherwise made know to Recipient. <br />(b) City shall issue disposition instructions within 120 days after the <br />completion of the need for the property under the Federal grant for which <br />it was acquired. If City fails to issue disposition instructions within 120 <br />days, Recipient shall apply the standards of 4(a)(1), 4(a)(2)(b) and <br />4(a)(3)(b). <br />b. Federally-owned nonexpendable personal property. Unless statutory authority to transfer <br />title has been granted to an agency, title to Federally-owned property remains vested by law in <br />the Federal Government. Upon termination of the grant or need for the property, such property <br />shall be reported to City for further agency utilization, or if appropriate for reporting to the <br />General Services Administration for other Federal agency utilization. Appropriate disposition <br />instructions will be issued to the grantee after completion of Federal agency review. <br />5. Recipient's property management standards for nonexpendable personal property shall <br />also include the following procedural requirements. <br />3 <br />