WILLIAM DONALD SCHAEFER, Governor

Ch. 489

DETERMINATION THAT THE LAND IS NOT NEEDED BY THE ADMINISTRATION
AND THAT THE LAND IS AVAILABLE FOR REACQUISITION;

2.  WITHIN 2 YEARS 5 YEARS FROM THE DATE
THE LAND WAS ACQUIRED, THE PERSON FROM WHOM THE LAND WAS
ACQUIRED, OR THE SUCCESSOR IN INTEREST OF THAT PERSON, MAY
REACQUIRE THE LAND, ON PAYMENT OF AN AMOUNT EQUAL TO THE
CONSIDERATION THAT THE ADMINISTRATION OR COMMISSION ORIGINALLY
PAID FOR THE PROPERTY; AND

3.  AFTER 2 YEARS 5 YEARS FROM THE DATE
THE LAND WAS ACQUIRED, THE PERSON FROM WHOM THE LAND WAS
ACQUIRED, OR THE SUCCESSOR IN INTEREST OF THAT PERSON, HAS THE
RIGHT TO REACQUIRE THE LAND AT THE CURRENT MARKET VALUE.

(II) IF THE RIGHT TO REACQUIRE THE LAND AS
PROVIDED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH IS NOT EXERCISED
WITHIN 8 MONTHS AFTER THE ADMINISTRATION PROVIDES THE NOTICE THAT
THE LAND IS AVAILABLE, the Administration shall sell the land at
public auction as provided in this subsection.

(2)  Before the sale:

(i) The Administration shall appraise the land;
and

(ii) If the Administration believes that the
land has a value of more than $5,000, the land also shall be
appraised by at least one independent, qualified real estate
appraiser.

(3)  The Administration shall notify the public of the
sale by:

(i) Posting a notice of the sale on the land at
least 2 weeks before the sale; and

(ii) Publishing the notice for 2 consecutive
weeks in a newspaper that is published or has general circulation
in the county in which the property is located.

(4)  The notice of the sale shall:

(i) Describe generally the property to be sold;

(ii) State the date, time, and place of the
sale; and

(iii) Contain any other information that the
Administration considers proper.

(5)  The sale shall be held on or near the land and
may be conducted by Administration personnel.

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