§ 27-67-322 - Reacquisition of surplus property by former owner.
27-67-322. Reacquisition of surplus property by former owner.
(a) The State Highway Commission is authorized to sell in the manner provided by 27-67-321 any real or personal property, or any interest therein, which is no longer necessary or desirable for state highway purposes and has been declared by commission resolution to be surplus and for sale.
(b) The owner from whom the property was acquired or his heirs, successors, or assigns shall be notified in writing or by publication of the resolution and shall have the option to reacquire the property. Publication shall be in any newspaper in the county where the property is located which is authorized by law to publish legal notices.
(c) (1) When an entire parcel is declared surplus, it may be reacquired under this option by refunding the price for which it was acquired by the State Highway Commission.
(2) When only remnants or portions of the original acquisition are declared surplus, they may be so reacquired at the market value thereof at the time they are declared surplus.
(3) The market value of the remnants or portions shall be determined by three (3) competent appraisers.
(d) If the option is not exercised within sixty (60) days after due notice, the State Highway Commission may proceed to dispose of the property at public sale.
(e) When any real or personal property acquired for state highway purposes is either sold or returned to the owner from whom it was acquired and the price paid therefor is refunded, any county which participated in the cost of the acquisition of the property shall share in the amount obtained from the sale, or the amount refunded, in the proportion in which it shared in the cost of acquisition.
(f) (1) The transfer of surplus rail and other railroad track material purchased in part with federal transportation enhancement funds and granted to the State Parks, Recreation, and Travel Commission or the Department of Parks and Tourism, or both, by the State Highway Commission shall not be subject to the procedures set forth in subsections (a)-(e) of this section.
(2) Surplus rail and other track material described under this subsection may be transferred by gift or contract to a regional intermodal facilities authority, a metropolitan port authority, or a planning and development district.
(3) The purposes of this section shall be satisfied upon:
(A) The adoption of a resolution by the State Highway Commission that the transfer will promote the continuation of rail service, economic development, or industrial growth; and
(B) A transfer document executed by the State Parks, Recreation, and Travel Commission or the Department of Parks and Tourism, or both.