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Delaware Public Library Construction Assistance Act<br>

<a href="Title_29_Chapter_66A.shtml" >Delaware
Code, Title 29, Chapter 66A</a>. Library Construction<br>

<p>Administrative Policy Memorandum #1<br>
Determination of Fair Market Value<br>
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<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Delaware Public Library Construction Assistance Act allows the fair
market value of acquired (purchased or donated) land and/or facility to
be claimed as non-State share and as a part of the total cost of the
project.&nbsp; In order to determine the fair market value, two
independent appraisals must be conducted by State certified appraisers
and presented to the State within sixty days of receiving deed title of
said property.&nbsp; The State will determine the State approved fair
market value based on the mean of the two appraisals, however, the
State reserves the right to request from the library that a review of
the two appraisals be conducted by a State-approved appraisal
reviewer.&nbsp; The cost of the appraisals may be included in total
project costs.</p>

<p style='margin-top:0in;margin-right:.5in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in'>In order to
receive payment of the States authorized share of the value of acquired
land and/or facility, a project must comply with the following
procedures:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1) Where the library has purchased the land and/or facility, up to 50%
of the State approved appraised value of the land and/or facility will
be paid from the State sources upon settlement.&nbsp; To receive
payment from State sources, the library must submit to the Department
of State, Division of Libraries the land and/or facility appraisal
documents and a copy of the signed settlement statement(s).&nbsp; Total
payment of State share shall not exceed the amount of funding
authorized by the State.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2) Where the land and/or facility has been donated to the library, up
to 50% of the State approved appraised value of the land and/or
facility will be credited towards project costs.&nbsp; Invoice(s) for
library construction totaling up to 50% of the State approved appraised
value of the land and/or facility may be submitted for full payment
from State sources.&nbsp; The library must submit to the Department of
State, Division of Libraries construction invoice(s) and a letter
stating that the non-State share of the invoice(s) will be met by the
State approved appraised value.&nbsp; Total payment of State share
shall not exceed the amount of funding authorized by the State.</p>

<p>
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March 3, 1993<br>

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Revised July 1, 1994<br>

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Revised July 1, 1998<br>

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