Sec. 151.24 - Procedures: Application; information
on estimated project costs.
(a) If any part of the estimated project
costs consists of the value of donated land, labor, materials, or
equipment, or of the value of a property interest in land acquired at a
cost that (as represented by the sponsor) is not the actual cost or the
amount of an award in eminent domain proceedings, the sponsor must so
state in the application, indicating the nature of the donation or other
transaction and the value it places on it.
(b) If, after the grant agreement is
executed and before the final payment of the allowable project costs is
made under §151.63, it appears that the sponsor inadvertently or
unknowingly failed to comply with paragraph (a) of this section as to any
item, the Administrator --
(1) Makes or obtains an appraisal of the
item, and if the appraised value is less than the value placed on the item
in the project application, notifies the sponsor that it may, within a
stated time, ask in writing for reconsideration of the appraisal and
submit statements of pertinent facts and opinion; and
(2) Adjusts the U.S. share of the
project costs to reflect any decrease in value of the item below that
stated in the project application.
[Amdt. 151-34, 34 FR 12883, Aug. 8, 1969]