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(2) When Recipient no longer has need for the property in any of its <br /> Federal grant programs, the property may be used for its own official <br /> activities in accordance with the following standards: <br /> (a) Nonexpendable property with an acquisition cost of less than <br /> $500 and used four years or more. Recipient may use the <br /> property for its own official activities without reimbursement to <br /> City or sell the property and retain the proceeds. <br /> (b) All other nonexpendable property. Recipient may retain the <br /> property for its own use provided that a fair compensation is <br /> made to City for the latter's share of the property. The amount <br /> of compensation shall be computed by applying the percentage of <br /> Federal participation in the grant program to the current fair <br /> market value of the property. <br /> (3) If Recipient has no need for the property, disposition of the property <br /> shall be made as follows: <br /> (a) Nonexpendable property with an acquisition cost of $1,000 or less. <br /> Except for that property which meets the criteria of (2)(a) above, <br /> Recipient shall sell the property and reimburse City an amount which is <br /> computed in accordance with (iii) below. <br /> (b) Nonexpendable property with an acquisition costs of over $1.000. <br /> Recipient shall request disposition instructions from the City. The City <br /> shall determine whether the property can be used to meet the City's or <br /> HUD's requirement. If no requirement exists, the availability of the <br /> property shall be reported to the General Services Administration (GSA) <br /> by HUD to determine whether a requirement for the property exists in <br /> other Federal agencies. The City shall issue instructions to Recipient <br /> within 120 days the following procedures shall govern: <br /> (i) If Recipient is instructed to ship the property elsewhere, <br /> Recipient shall be reimbursed by the benefitting Federal agency <br /> with an amount which is computed by applying the percentage of <br /> Recipient's participation in the grant program to the current fair <br /> market value of the property, plus any shipping or interim storage <br /> costs incurred. <br /> 3 <br />