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sinking fund to cover major rehabilitation, or for other transit related purposes as approved by the <br /> Department in writing. The Project Facilities shall be equally available for use by all commuters regardless <br /> of the place of residence, and there shall be no difference in the amount of fees charged to users of such <br /> commuter parking facilities based on place of residence. <br /> The Grantee shall keep satisfactory records with regard to the use of the Project Facilities and shall submit <br /> to the Department upon request such information as is required in order to assure compliance with this <br /> ITEM and shall immediately notify the Department in all cases where Project Facilities are used in a <br /> manner substantially different from that described in the final, approved application. The Grantee shall <br /> maintain in an amount and form satisfactory to the Department such insurance or self-insurance as will be <br /> adequate to protect Project Facilities throughout the period of required use. The cost of such insurance <br /> shall not be an item of allowable capital cost under this Agreement. The Grantee shall also submit to the <br /> Department upon request, a certification that the Project Facilities are still being used in accordance with <br /> the terms of this ITEM and that no part of the local contribution to the cost of the Project has been <br /> refunded or reduced. <br /> b. Maintenance & Withdrawn Property - The Grantee agrees to maintain any State funded Project <br /> Facilities at a high level of cleanliness, safety, and mechanical soundness and in accordance with any <br /> guidelines, directives, or regulations that the Department may issue. For State funded vehicles, the <br /> manufacturer's suggested maintenance and inspection schedule will be considered the minimum <br /> maintenance standard that must be perFormed. The Department shall have the right to conduct periodic <br /> inspections for the purpose of confirming proper maintenance pursuant to this Section. The State <br /> reserves the right to require the Grantee to restore Project Facilities or pay for damage as a result of <br /> abuse or misuse of such Project Facilities. If, at any time during the useful life of the Project Facilities, <br /> the Project 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 from the <br /> State prior to disposing of such Project Facilities, disposition shall be in accordance with Department <br /> procedures. <br /> (1) Interest in Pro�ertv - Unless otherv✓ise approved by the Department, the Grantee agrees to <br /> remit to the Department the State interest in the fair market value, if any, of the Project Facilities <br /> whose unit value exceeds $5,000. The amount of that interest shall be determined on the basis of , <br /> the ratio of the assistance awarded by the Department for the Project to the actual cost of the <br /> Project. <br /> (2) Fair Market Value-The following requirements apply to the calculation of fair market value: <br /> (A) Unless otherwise approved in writing by the Department, the fair market value of Project , <br /> Facilities will be the value of that property at the time immediately before the occurrence that ', <br /> prompted the withdrawal of the Project Facilities from transit use. The fair market value shall be <br /> calculated by the greater of the following: (1)appraised value, (2)on a straight line depreciation ' <br /> of the Project Facilities, based on a useful life approved by the Department irrespective of the �, <br /> reason for 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. Any appraiser <br /> employed for such purposes shall be subject to the prior approval of the Department. <br /> The fair market value of Project Facilities lost or damaged by casualty or fire will be calculated <br /> on the basis of the condition of the Project Facilities immediately before the casualty, , <br /> irrespective of the extent of insurance coverage. ! <br /> (B) Exce�tional Circumstances - The Department, however, reserves the right to require II', <br /> another method of valuation to be used if determined to be in the best interest of the <br /> Department. In unusual circumstances, the Grantee may request that another reasonable ' <br /> method of determining fair market value be used, including but not limited to accelerated <br /> depreciation, comparable sales,or es4imated market values. In determining whether to approve <br /> State Capital Grant 8 I�'� <br />