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, � . <br /> C. Transfer of Project Property. <br /> (1) Grantee Request.The Grantee may transfer Project Facilities financed in whole or in part by the <br /> Government to an eligible recipient to be used for any public or specialized purpose with no further <br /> obligation to the Government, provided that the transfer is authorized by the Department, and FTA, if <br /> necessary, and conforms with the applicable requirements of 49 U.S.C. §5334(g). <br /> (2) Government Direction. The Grantee agrees that the Government may require the Grantee to transfer title <br /> � to any Project Facilities financed with federal and/or state assistance made available by this Agreement. <br /> The Grantee also agrees that the Government may direct the disposition of Project Facilities financed with <br /> federal and/or state assistance funds made available under this Agreement, or otherwise account for <br /> Project Facilities, as set forth by 49 CFR 18.31 and 18.32. <br /> D. Withdrawn Property. <br /> If any Project Facilities are not used in mass transportation service for the duration of their useful life as <br /> determined by the Department,whether by planned withdrawal, misuse or casualty loss,the Grantee agrees to <br /> notify the Department thereof within 30 calendar days prior to the date of disposition. <br /> (1) Federal and/or State Interest in Property. Unless otherwise approved by the Government,the Grantee <br /> agrees to remit to the Department the Government interest in the fair market value of any of the Project <br /> Facilities whose unit value exceeds$5,000. The amount of that interest shall be determined on the basis <br /> of the ratio of the assistance awarded by the Government for the Project to the actual cost of the Project. <br /> (2) Fair Market Value. The following requirements apply to the calculation of fair market value: <br /> a) Project Facilities- Unless otherwise approved in writing by the Department,the fair market value of <br /> any of the Project Facilities to be withdrawn will be the value at the time immediately before the <br /> occurrence that prompted the withdrawal of the Project Facilities from transit use. The fair market <br /> value shall be calculated by one of the following: (1)appraised value consistent with state standards <br /> and federal standards(49 CFR 24), (2)on a straight line depreciation of the Project Facilities, based <br /> on a useful life approved by the Department irrespective of the reason for withdrawal of Project <br /> Facilities from transit use, or(3)the actual proceeds from the public sale of such property,whichever <br /> method is approved by the Department. Any appraiser employed for such purposes shall be subject <br /> to the prior approval of the Department. The fair market value of any of the Project Facilities lost or <br /> damaged by casualty or fire will be calculated on the basis of the condition of such property <br /> immediately before the casualty or fire, irrespective of the extent of insurance coverage. <br /> b) Exceptional Circumstances- The Government, however, reserves the right to require another <br /> method of valuation to be used if determined to be in the best interest of the Govemment. In unusual <br /> circumstances,the Grantee may request that the Government approve another reasonable method <br /> of determining fair market value be used, including but not limited to accelerated depreciation, <br /> comparable sales, or estimated market values. In determining whether to approve an alternate <br /> method,the Government may consider any action taken,omission made,or unfortunate occurrence . <br /> suffered by the Grantee with respect to the preservation or conservation of the value of the particular <br /> item of property that,for any reason, has been withdrawn from service. <br /> E. Disposition of Property. After the end of its useful life, if any fixed facility(in whole or in part)or revenue service <br /> vehicle funded through this Agreement is planned to be disposed of,the Grantee shall notify the Department <br />, thereof not later than 30 days priorits planned disposition. <br /> F. Misused or Damaged Property. If damage to any of the Project Facilities results from abuse or misuse that has <br /> taken place with the Grantee's knowledge and consent,the Grantee agrees that the Government may require the <br /> Grantee to restore the Project Facilities to their original condition or refund the fair market value of the <br /> Government interest in such damaged Project Facilities. <br /> State/Federa!Capita!Grant page 9 <br />