Laserfiche WebLink
-1X- <br /> XX . REVERSION OF ASSETS <br /> The agreement shall specify that upon its expiration the <br /> subrecipient shall transfer to the recipient any CDBG <br /> funds on hand at the time of expiration and any accounts <br /> receivable attributable to the use of CDBG funds. It <br /> shall also include provisions designed to ensure that any <br /> real property under the subrecipient ' s control that was <br /> acquired or improved in whole or in part with CDBG Funds <br /> in excess of �25,000 is either : <br /> ( i ) Used to meet one of the national objectives in S <br /> 570.208 until five years after expiration of the <br /> agreement , or for such longer period of time as <br /> determined to be appropriate by the recipient ; or <br /> ( ii ) Disposed of in a manner that results in the <br /> recipient ' s being reimbursed in the amount of the <br /> current fair market value of the property less any <br /> portion of the value attributable to expenditures of " <br /> non-CDBG funds for acquisition of, or improvement <br /> to , the property. (Reimbursement is not required <br /> after the period of time specified in paragraph <br /> (b ) (8 ) ( i ) of this Section) . <br /> IN WITNESS WHEREOF , The City of Decatur , Illinois and the Sub- <br /> grantee, have entered into this Agreement as of the date first <br /> above written. <br /> SUHGRANTEE � CIT OF DECATUR, ILLINOIS <br /> , �, <br /> _ �j �%r <br /> 0� <br /> hief Official . Mayor - Erik C. re nitz <br /> C�w����r� DEPT. O OMMUN I TY DEVE PMENT <br /> Name and Title <br /> Director - David A. I <br /> ATTEST: <br /> City C1 rk - hyllis E. Sands <br />