20A - AA - ROOSEVELT WALKER CONSTRUCTION

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B. Reversion of Assets. District shall comply with the following: 1. Upon the expiration of this Agreement, District shall transfer to City any CDBG funds on hand at the time of the expiration of this Agreement as well as any accounts receivable attributable to the use of CDBG funds. [24 CPR 570.503 (b)(7)] 2. Any real property under District control that was acquired or improved in whole or in part with CDBG funds in excess of $25,000.00 must either be: a. Used, where City has given written approval, to meet one of the national objectives stated in 24 CPR 570.208 until five (5) years after expiration of this Agreement, or for such longer period of time as determined to be appropriate by City; or b. If not used in accordance with subparagraph (a) above, District shall pay to City an amount equal to the current fair market value of the property less any portion of the value attributable to the expenditure of non-CDBG funds for acquisition of, or improvement to, the property, Such payment is program income to City. F, Audit Report Requirements. The District agrees that if the District expends Seven Hundred Fifty Thousand Dollars ($750,000) or more in federal funds, the District shall have an annual audit conducted by a, certified public accountant in accordance with the standards as set forth and published by the United States Office of Management and Budget. The District shall provide City with a copy of said audit by April 1 of the year following the program year in which this Agreement is executed. G. Record Keeping/Reporting. Both Parties shall keep and maintain complete and adequate records and reports to assist one another in 'meeting and maintaining its record keeping responsibilities sunder applicable law, which includes Title 24, Part 570 of Code of Federal Regulations (24 CFR 570.000), et seq. The Parties agree to share with each other the guidelines and parameters of required record keeping. The Parties agree to keep all Project records for at least five (5) years from the date of completion of the Project. Records to be maintained include: project plans, procurement documents, labor compliance doctiunents, documentation of project expenses, including evidence of incurring the expense, invoices for goods or services, copies of any and all contracts or documentation pertaining to costs for subcontractors, plus all other invoices and proof of payment for which CDBG fiords were expended, and any payments therefor. H. Access to Records. City and the United States Government and their representatives or auditors shall have access for purposes of monitoring, auditing, and examining Districts activities and performance, to books, documents and papers, and the right to examine records of Districts subcontractors, bookkeepers and accountants, employees and participants in regard to said program. City and