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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. Contractor may use the <br /> property for its own official activities without reimbursement to <br /> the City or sell the property and retain the proceeds. <br /> (b) All other nonexpendable property. Contractor may retain the <br /> property for its own use provided that a fair compensation is <br /> made to the City for the latter's share of the property. The <br /> amount of compensation shall be computed by applying the <br /> percentage of Federal participation in the grant program to the <br /> current fair market value of the property. <br /> (3) If Contractor 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 /> Contractor shall sell the property and reimburse the City an amount <br /> which is computed in accordance with (iii) below. <br /> (b) Nonexpendable property with an acquisition costs of over $1,000. <br /> Contractor shall request disposition instructions from the City. The <br /> City shall determine whether the property can be used to meet the <br /> City's or HUD's requirement. If no requirement exists, the availability <br /> of the property shall be reported to the General Services Administration <br /> (GSA) by HUD to determine whether a requirement for the property <br /> exists in other Federal agencies. The City shall issue instructions to <br /> Contractor within 120 days the following procedures shall govern: <br /> (i) If Contractor is instructed to ship the property elsewhere, <br /> Contractor shall be reimbursed by the benefitting Federal agency <br /> with an amount which is computed by applying the percentage of <br /> Contractor'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 /> (ii) If Contractor is instructed to otherwise dispose of the <br /> property, Contractor shall be reimbursed by the City for such <br /> costs incurred in its disposition. <br /> 3 <br />