Laserfiche WebLink
31. Disposal of Land. <br /> a. For land purchased under a grant for airport noise compatibility purposes, <br /> including land serving as a noise buffer, it will dispose of the land,when the land is <br /> no longer needed for such purposes, at fair market value, at the earliest <br /> practicable time.That portion of the proceeds of such disposition which is <br /> proportionate to the United States' share of acquisition of such land will be, at the <br /> discretion of the Secretary, (1) reinvested in another project at the airport, or(2) <br /> transferred to another eligible airport as prescribed by the Secretary.The <br /> Secretary shall give preference to the following, in descending order: <br /> 1. Reinvestment in an approved noise compatibility project; <br /> 2. Reinvestment in an approved project that is eligible for grant funding <br /> under 49 U.S.C. §47117(e); <br /> 3. Reinvestment in an approved airport development project that is <br /> eligible for grant funding under 49 U.S.C. §47114,47115, or 47117, or <br /> under Public Law 117-58, Division J,Title VIII; or <br /> 4. Transfer to an eligible sponsor of another public airport to be <br /> reinvested in an approved noise compatibility project at that airport. <br /> If land acquired under a grant for noise compatibility purposes is leased at fair <br /> market value and consistent with noise buffering purposes,the lease will not be <br /> considered a disposal of the land. Revenues derived from such a lease may be <br /> used for an approved airport development project that would otherwise be <br /> eligible for grant funding or any permitted use of airport revenue. <br /> b. For land purchased under a grant for airport development purposes (other than <br /> noise compatibility), it will,when the land is no longer needed for airport <br /> purposes, dispose of such land at fair market value or make available to the <br /> Secretary an amount equal to the United States' proportionate share of the fair <br /> market value of the land.That portion of the proceeds of such disposition which is <br /> proportionate to the United States'share of the cost of acquisition of such land <br /> will, upon application to the Secretary, be reinvested or transferred to another <br /> eligible airport as prescribed by the Secretary.The Secretary shall give preference <br /> to the following, in descending order: <br /> 1. Reinvestment in an approved noise compatibility project; <br /> 2. Reinvestment in an approved project that is eligible for grant funding <br /> under 49 U.S.C. §47117(e); <br /> 3. Reinvestment in an approved airport development project that is <br /> eligible for grant funding under 49 U.S.C. §§47114, 47115,or 47117, <br /> or under Public Law 117-58, Division J,Title VIII; or <br /> 4. Transfer to an eligible sponsor of another public airport to be <br /> reinvested in an approved noise compatibility project at that airport. <br /> c. Land shall be considered to be needed for airport purposes under this assurance if <br /> (1) it may be needed for aeronautical purposes (including runway protection <br /> zones) or serve as noise buffer land, and (2)the revenue from interim uses of such <br /> land contributes to the financial self-sufficiency of the airport. Further, land <br /> purchased with a grant received by an airport operator or owner before December <br /> Page 39 of 44 <br />