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` <br /> ii. If Contractor is instructed to otherwise dispose of the <br /> property, Contractor shall be reimbursed by the City for <br /> such costs incurred in its disposition. <br /> iii. If disposition instructions are not issued within 120 days <br /> after reporting Contractor shall sell the property and <br /> reimburse the City an amount which is computed by <br /> applying the percentage of Federal participation in the grant <br /> program to the sales proceeds. Further, the grantee shall be <br /> permitted to retain $1000 or 10 percent of the proceeds, <br /> whichever is greater, for the grantee's selling and handling <br /> expenses. <br /> iv. Where the City determines that property with an acquisition <br /> costs of$1,000 or more and financed solely with Federal <br /> funds is unique, difficult, or costly to replace, it may reserve <br /> title to such property, subject to the following provisions: <br /> aa) The property shall be appropriately identified in the <br /> grant agreement or otherwise made know to <br /> Contractor. <br /> bb) City shall issue disposition instructions within 120 <br /> days after the completion of the need for the <br /> property under the Federal grant for which it was <br /> acquired. If City fails to issue disposition <br /> instructions within 120 days, Contractor shall apply <br /> the standards of 4(a)(1), 4(a)(2)(b) and 4(a)(3)(b). <br /> B. Federally-owned nonexpendable personal property. Unless statutory authority to <br /> transfer title has been granted to an agency, title to Federally-owned property <br /> remains vested by law in the Federal Government. Upon termination of the grant <br /> or need for the property, such property shall be reported to the City for further <br /> agency utilization, or if appropriate for reporting to the General Services <br /> Administration for other Federal agency utilization. Appropriate disposition <br /> instructions will be issued to the grantee after completion of Federal agency <br /> review. <br /> 5. Contractor's property management standards for nonexpendable personal property shall <br /> also include the following procedural requirements. <br /> A. Property records shall be maintained accurately and provide for: a description of <br /> the property; manufacturer's serial number or other identification number; <br /> Exhibit F—DCARA page 4 of 5 <br /> July 15,2002 <br /> G:\Community Development\CDBG\DCARA\2002-03 <br />