Laserfiche WebLink
4 � <br /> Project Facilities. If, at any time during the useful life of the Project Facilities, any of the Project <br /> Facilities are not used for the purposes specified in this Agreement, whether by planned <br /> withdrawal, misuse or casualty loss, the Grantee shall immediately notify and receive approval <br /> from the Department prior to disposing of such Project Facilities. Any such disposition shall be in <br /> accordance with Department procedures. <br /> . C. Transfer of Project Pro e�rtv,. <br /> (1) Grantee Request. The Grantee may transfer Project.Facilities financed in whole or in <br /> part by the Government to an eligible recipient to be used for any public or specialized <br /> purpose with no further obligation to the Government, provided that the transfer is <br /> authorized by the Department, and FTA, if necessary, and conforms with the appticable <br /> requirements of 49 U.S.C. §5334(g). <br /> (2) Government Direction. The Grantee agrees that the Government may require the <br /> Grantee to transfer title to any Project Facilities financed with federal and/or state <br /> assistance made available by this Agreement. The Grantee also agrees that the <br /> Government may direct the disposition of Project Facilities financed with federal and/or <br /> 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, D. Withdrawn Propertv. <br /> If any Project Facilities are not used in mass transportation service for the duration of their <br /> useful life as determined by the Department, whether by planned withdrawal, misuse or <br /> casualty loss, the Grantee agrees to notify the Department thereof within 30 calendar days <br /> prior to the date of disposition. <br /> (1) Federal and/or State Interest in Pronertv. Unless otherwise approved by the <br /> Government, the Grantee agrees to remit to the Department the Government interest in <br /> the fair market value of any of the Project Facilities whose unit value exceeds $5,000. <br /> The amount of that interest shall be determined on the basis of the ratio of the <br /> 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 <br /> value: <br /> a) Project Facilities - Unless otherwise approved in writing by the Department, the <br /> fair market value of any of the Project Facilities to be withdrawn will be the value at <br /> the time immediately before the occurrence that prompted the withdrawal of the <br /> Project Facilities from transit use. The fair market value shall be calculated by one <br /> of the following: (1) appraised value consistent with state standards and federal <br /> standards (49 CFR 24), (2) on a straight line depreciation of the Project Facilities, <br /> based on a useful life approved by the Department irrespective of the reason for <br /> withdrawal of Project Facilities from transit use, or (3) the actual proceeds from the <br /> public sale of such property, whichever method is approved by the Department. <br /> Any appraiser employed for such purposes shall be subject to the prior approval of <br /> 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 <br /> property immediately before the casualty or fire, irrespective of the extent of <br /> insurance coverage. <br /> b) Excentional Circumstances - The Government, however, reserves the right to <br /> � require another method of valuation to be used if determined to be in the best <br /> interest of the Government. In unusual circumstances, the Grantee may request <br /> State/Federal Capita!Grant page 10 <br />