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(b) All other nonexpendable property. Contractor may retain the property for <br /> its own use provided that a fair compensation is made to the City for the latter's share of the <br /> property. The amount of compensation shall be computed by applying the percentage of Federal <br /> participation in the grant program to the current fair market value of the property. <br /> (3) If Contractor has no need for the property, disposition of the property shall be <br /> made as follows: <br /> (a) Nonexpendable property with an acquisition cost of $1,000 or less. Except for <br /> that property whcih meets the criteria of (2)(a) above, Contractor shall sell the property and <br /> reimburse the City an amount which is computed in accordance with (iii) below. <br /> (b) Nonexpendable property with an acquisition costs of over $1,000. Contractor <br /> shall request disposition instructions from the City. The City shall determine whether the <br /> property can be used to meet the City's or HUD's requirement. If no requirement exists, the <br /> availability of the property shall be reported to the General Services Administration (GSA) by <br /> HUD to determine whether a requirement for the property exists in other Federal agencies. The <br /> City shall issue instructions to Contractor within 120 days the following procedures shall govern: <br /> (i) If Contractor is instructed to ship the property elsewhere, Contractor <br /> shall be reimbursed by the benefitting Federal agency with an amount which is computed by <br /> applying the percentage of Contractor's participation in the grant program to the current fair <br /> market value of the property, plus any shipping or interim storage costs incurred. <br /> (ii) If Contractor is instructed to otherwise dispose of the property, <br /> Contractor shall be reimbursed by the City for such costs incurred in its disposition. <br /> (iii) If disposition instructions are not issued within 120 days after <br /> reporting Contractor shall sell the property and reimburse the City an amount which is computed <br /> by applying the percentage of Federal participation in the grant program to the sales proceeds. <br /> Further, the grantee shall be permitted to retain $1000 or 10 percent of the proceeds, whichever <br /> is 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 replace, it may <br /> 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 Contractor. <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 it was acquired. If <br /> Exhibit F Page 3 of 4 <br />