[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR314.11]

[Page 516]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 314--PROPERTY--Table of Contents
 
              Subpart D--Release of EDA's Property Interest
 
Sec. 314.11  Procedures for release of EDA's property interest.


    (a) Before the expiration of the estimated useful life of the grant 
project, EDA may release, in whole or in part, any real property 
interest, or tangible personal property interest, in connection with a 
grant after the date that is 20 years after the date on which the grant 
was awarded. (The term ``tangible personal property'' excludes debt 
instruments, currency, and accounts in financial institutions.) Except 
as provided in paragraph (b) of this section, such release is not 
automatic; it requires EDA's approval, which will not be withheld except 
for good cause. The release may be unconditional, or may be conditioned 
upon some activity of the recipient intended to be pursued as a 
consequence of the release.
    (b) EDA hereby releases all of its real and tangible personal 
property interests in projects awarded under the Public Works Employment 
Act of 1976 (Pub. L. 94-369) and under that act as amended by the Public 
Works Employment Act of 1977 (Pub. L. 95-28).
    (c)(1) Notwithstanding Secs. 314.11(a) and (b), in no event, either 
before or after the release of EDA's interest, may project property be 
used:
    (i) In violation of the nondiscrimination requirements of the 
project award, or
    (ii) For religious purposes prohibited by the holding of the U.S. 
Supreme Court in Tilton v. Richardson, 403 U.S. 672 (1971).
    (2) Such use voids the release, and is an unauthorized use of the 
property, as provided in Sec. 314.4.