RES 96126 - Laserfiche WebLink

EXHIBIT A: City of Pleasanton Reversion of Assets Policy for Property Acquired with Community Development Block Grant (CDBG) and other Federal Funds Purpose The purpose of this policy it to establish the time period during which the City will retain an interest in real property acquired with CDBG and other federal funds (e.g., HOME, etc.). The policy will apply to past and future grants. Policy It is the City's policy that, if any federal funds are used to acquire or improve real property in whole or in part (including additions, but excluding renovation and/or rehabilitation), the City shall retain an interest in the value of the assets, including appreciation, for the time periods set forth below. Assets are to be paid back to the City if 1) the real property is conveyed, 2) the sub-grantee organization is disbanded or ceases to function for the purpose for which it was organized, or 3) the use of the property is otherwise changed from the purpose for which the grant was originally approved. Time Period for Reversion of Assets The time period for reversion of assets shall be determined based on the grant mount according to the standards listed in the following table: Grant Amount Minimum Term of City's Interest Statement of City's Interest For annual or multi-year grants in The City's interest terminates no sooner For fixed assets, the City's interest is which the total assistance to an than five (5) years after each grant. stated in the grant agreement, but need individual project is less than $25,000 not be separately recorded. For real within a five-year period property, the City's interest is stated in a recorded document such as a grant deed or restrictive covenants. For annual grants of $25,000 or more The City's interest terminates no sooner The City's interest is stated in a or where the total value of grants over than ten (10) years after each grant. recorded document such as a grant deed a five year period to the same project is or restrictive covenants. between $25,000 and $100,000 For annual grants of $100,000 or more The City's interest terminates no sooner The City's interest is stated in a or where the total value of grants over than fifteen ( 15 ) years after the total recorded document such as a grant deed a five year period to the same project is grant amount reaches $100,000. or restrictive covenants. greater than $100,000 For situations not clearly covered by Terms shall be negotiated and placed in If the total total assistance to a single any of the above the grant agreement. project is more than $25,000 over a five-year period, the City's interest shall be stated in a recorded document such as a grant deed or restrictive covenants. Terms shall be in general conformance with the above standards. REVASSTS.SAM 11/04/96